| A | B |
|---|
| FULL EMPLOYMENT | LABOR FORCE PARTICIPATION RATE OF APPROX. 95-96 % |
| FULL EMPLOYMENT UNEMPLOYMENT RATE | PERCENTAGE OF UNEMPLOYED WHEN ECONOMY AT FULL EMPLOYMENT (APPROX. 5%) |
| THE NATURAL RATE OF UNEMPLOYMENT | THE SAME AS THE FULL EMPLOYMENT, UNEMPLOYMENT RATE |
| FRICTIONAL UNEMPLOYMENT | DUE TO NATURAL MOVEMENTS INTO AND OUT OF THE WORKFORCEE |
| HIDDEN UNEMPLOYMENT | RELATED TO THE DISCOURAGED WORKER |
| DISCOURAGED WORKER | LONG-TERM UNEMPLOYED WHO HAVE LOST BENEFITS AND CANNOT BE TRACKED |
| BUREAU OF LABOR STATISTICS | RESPONSIBLE FOR MEASURING STATISTICS RELATED TO EMPLOYMENT |
| UNDEREMPLOYED | INDIVIDUALS WORKING BELOW THEIR KNOWLEDGE, SKILLS AND ABILITIES |
| CYCLICAL UNEMPLOYMENT | RELATED TO DECREASES IN AGGREGATE DEMAND |
| STRUCTURAL/TECHNICAL UNEMPLOYMENT | RELATED TO THE LONG-TERM CHANGES IN THE FOUNDATIONS OF THE ECONOMY |
| SEASONAL UNEMPLOYMENT | UNEMPLOYMENT RELATED TO CHANGES IN WEATHER, CLIMATE OR SELLING/PRODUCTION SEASONS |
| PEAK | THE HIGHEST POINT OF THE ECONOMIC EXPANSION |
| TROUGH | THE LOWEST POINT OF ECONOMIC CONTRACTION |
| EXPANSIONARY PHASE | ECONOMY MOVING TO INCREASES IN PRODUCTIVITY AND EMPLOYMENT DUE TO INCREASES IN AGGREGATE DEMAND |
| CONTRACTIONARY PHASE | ECONOMY EXPERIENCING DECREASES IN AGGREGATE DEMAND AND PRODUCTION |
| COST-PUSH INFLATION | INFLATION DUE TO SOME INCREASES IN PRODUCTION INPUTS THAT CAUSE PRICES TO INCREASE AND PRODUCTION TO DECREASE |
| DEMAND-PULL INFLATION | TYPE OF INFLATION DUE TO INCREASES IN AGGREGATE DEMAND CAUSING PRICES TO INCREASE YET PRODUCTION MAY ALSO INCREASE |
| INFLATION | CONTINUED, SUSTAINED INCREASE IN THE AVERAGE OF ALL PRICES; INCOMES NOT KEEPING PACE |
| PRICE INDEX | TOOL OR DEVISE USED TO MEASURE INFLATION |
| GDP DEFLATOR | BROADEST OF THE PRICE INDEXES |
| PPI | PRODUCER PRICE INDEX, NARROWEST OF THE PRICE INDEXES |
| CPI | MOST WIDELY QUOTED PRICE INDEX-CONSUMER PRICE INDEX |
| BUSINESS FLUCTUATIONS | TERM GIVEN TO DESCRIBE THE CHANGING CONDITIONS OF AN ECONOMY FROM ALTERNATING EXPANSIONS AND CONTRACTIONS |
| LFPR (LABOR FORCE PARTICIPATION RATE) | ACTUAL WORK FORCE DIVIDED BY TOTAL NUMBER OF WILLING AND ABLE WORKERS |
| ACTIVE SEEKERS | THOSE INDIVIDUALS BELONGING TO THE RANKS OF THE UNEMPLOYED-BUT CONSIDERED FRICTIONALLY UNEMPLOYED |
