뒤로Introducing Concepts - Unemployment and Inflation definitions
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1/15뒤로Skip to main content뒤로Unemployment
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.
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