| A | B |
|---|
| What is our current unemployment rate? | 10.2% |
| The % of the population that is jobless and actively looking for work | Unemployment Rate |
| Thos who work part-time when they want full-time and those who work below their skill level | Underemployed |
| A healthy economy will have 4-6% unemployment | Full Employment |
| Temporary unemployent experienced by people changing jobs | Frictional Unemployment |
| Unemployment linked to seasonal work | Seasonal Unemployment |
| Jobs exist but workers looking for work do not have the necessary skills for these jobs | Structural Unemployment |
| Caused by the contraction of the business cycle | Cyclical Unemployment |
| a series of periods of expanding and contracting economic activity | Business Cycle |
| Jobs are easy to find, price rises | Expansion |
| What is the longest period of expansion in the US? | 1991-2001 |
| Producers cut back resources and unemployment rises | Contraction |
| Contraction lasting two or more quarters | Recession |
| Extended period of high unemployment and limited business activity | Depression |
| What are the four factors that effect the business cycle? | Decision made by the business, interest rates, external issues, consumer expectations |
| What are the 3 ways to predict business cycles? | Leading, Coincident, and Lagging Indicators |
| Which indicator predicts 6-9 months before GDP changes? | Leading |
| Which indicator changes the same time as GDP? | Coincident |
| Which changes after GDP? | Lagging |
| Building permits are an example of what type of indicator? | Leading |
