| Definition | Word or Phrase |
|---|
| The market value of all final goods and services produced within a country in a year | |
| An extremely high rate of inflation, typically greater than 50% per year | |
| An economic variable that has been adjusted for changes in prices | |
| A significant, widespread decline in real income and employment | |
| Research organization based in Cambridge, MA that determines when recessions and expansions begin | |
| The 'rules of the game' -- including laws, regulations, customs, practices, organizations and social mores -- that structure economic incentives | |
| Point in the Solow Growth Model where investment equals depreciation so that capital stock is neither increasing nor decreasing | |
| The decrease in private consumption and investment that occurs when the government borrows more | |
| Adults who do not have a job but who are actively looking for a job | |
| Category for jobless individuals who aren't looking for a job | |
| Workers who have given up looking for work but who would still like a job | |
| Short-term unemployment caused by the ordinary difficulties of matching employee to employer | |
| Persistent, long-term unemployment caused by long-lasting shocks or economic institutions that make it hard for some workers to find jobs | |
| Third type of unemployment that isn't part of the natural rate of unemployment | |
| The U.S. economy's main inflation gauge, measures the average price of a basket of goods bought by the typical household | |
| Measure of inflation that excludes the prices of volatile items such as energy and food | |
| Mv = PY | |
| Because v is constant in the long-run, the inflation rate will equal the growth rate of money minus the growth rate of real GDP | |
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