Economic growth - growth of an economy as measured by recognized factors such as the total value of goods and services produced in a given time (Gross Domestic Product) real GDP per capita - a measure of the total output of a country that takes into account GDP and divides it by the number of people in the country rule of 70 - 70 divided by the percentage growth rate of real GDP productivity - the amount and the value of goods and services produced (outputs) from set amounts of resources (inputs) business cycles - recurring fluctuations in economic activity consisting of recession and recovery and growth and decline peak - point where real GDP stops going up recession - period in which real GDP declines consecutively for 2 quarters (6 months) trough - turnaround point when real GDP stops going down expansion - line the economy would follow without recession and growth labor force - Unemployment - people available for work who made a specific effort to find a job during the past month and who, during the most recent survey week, worked less than one hour for pay discouraged workers - those who are not working, have looked for a job in the past 12 months and are willing to work, but have not sought employment in the past 4 weeks frictional unemployment - workers between jobs (short term) structural unemployment - unemployment that occurs when workers' skills do not match the jobs that are available cyclical unemployment - those persons that have become unemployed due to downturn in the business cycle full-employment - an unemployment rate between 4% and 6%. It will never be zero because there will always be some unemployment rate of unemployment - the percentage of the labor force that is the unemployed natural rate of unemployment (NRU) - the amount of unemployment that an economy experiences, the long-run average rate...
