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Introducing Concepts - Unemployment and Inflation definitions

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Termini in questo insieme (15)

  • Unemployment
    Condition where individuals willing and actively searching for work cannot secure employment, signaling underused labor resources.
  • Inflation
    General rise in overall price levels over time, reducing purchasing power if income does not keep pace.
  • Deflation
    Overall decline in price levels, often occurring rarely and typically during severe economic downturns.
  • Unemployment Rate
    Percentage of the labor force that is jobless but actively seeking employment, often rising during recessions.
  • Inflation Rate
    Annual percentage change in overall price levels, indicating how quickly prices are rising.
  • Recession
    Period marked by economic decline, often highlighted on graphs, where unemployment rises and inflation slows.
  • Standard of Living
    Measure of the goods and services individuals can afford, affected negatively when prices rise faster than income.
  • Purchasing Power
    Ability of income to buy goods and services, diminished when prices increase without matching wage growth.
  • Labor Force
    Group of individuals who are either employed or actively seeking employment within an economy.
  • Economic Graph
    Visual representation used to illustrate trends such as unemployment and inflation over time, often highlighting recessions.
  • Price Level
    Average of current prices across the entire spectrum of goods and services produced in the economy.
  • Great Recession
    Significant economic downturn around 2008–2009, notable for a brief period of deflation and high unemployment.
  • Wage
    Hourly or regular payment received for work, which may not always keep pace with rising prices.
  • Economic Recovery
    Phase following a recession where unemployment decreases and economic activity begins to improve.
  • Resource Utilization
    Extent to which an economy employs its available labor and skills, with high unemployment indicating inefficiency.