Employed Unemployed Labor force Labor force participation rate Unemployment rate Discouraged workers Marginally attached workers Underemployed Jobless recovery Job search Frictional unemployment Structural unemployment Efficiency wages Natural rate of unemployment Cyclical unemployment Real wage Real income Inflation rate Shoe-leather costs Menu costs Unit-of-account costs Nominal interest rate Real interest rate Deflation Disinflation Aggregate price level Market basket Price index Consumer price index (CPI) Producer price index (PPI) GDP deflator | the percentage of the total number of people in the labor force who are unemployed, calculated as unemployment/(unemployment + employment). the wage rate divided by the price level. (of inflation) the increased costs of transactions caused by inflation. wages that employers set above the equilibrium wage rate as an incentive for workers to deliver better performance. a measure of the cost of a typical basket of goods and services purchased by producers. Because these commodity prices respond quickly to changes in demand, the PPI is often regarded as a leading indicator of changes in the inflation rate. refers to people who are actively looking for work but are not currently employed. the annual percent change in a price index—typically the consumer price index. The inflation rate is positive when the aggregate price level is rising (inflation) and negative when the aggregate price level is falling (deflation). nonworking people who are capable of working but have given up looking for a job due to the state of the job market. the percentage of the population age 16 or older that is in the labor force. the period in which workers spend time looking for employment. the nominal interest rate minus the inflation rate. nonworking individuals who say they would like a job and have looked for work in the recent past but are not currently looking for work. refers to people currently holding a job in the economy, either full time or part time. the unemployment rate that arises from the effects of frictional plus structural unemployment. a measure of the cost of purchasing a given market basket in a given year, where that cost is normalized so that it is equal to 100 in the selected base year; a measure of overall price level. costs arising from the way inflation makes money a less reliable unit of measurement. income divided by the price level. refers to people who work part time because they cannot find full-time jobs. unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate. a measure of the cost of a market basket intended to represent the consumption of a typical urban American family of four. It is the most commonly used measure of prices in the United States. a measure of the overall level of prices in the economy. the real cost of changing a listed price. unemployment due to time workers spend in job search. unemployment resulting from the business cycle; equivalently, the difference between the actual rate of unemployment and the natural rate of unemployment. the interest rate actually paid for a loan, not adjusted for inflation. the number of people who are either actively employed for pay or unemployed and actively looking for work; the sum of employment and unemployment. a price measure for a given year that is equal to 100 times the ratio of nominal GDP to real GDP in that year. a hypothetical consumption bundle of consumer purchases of goods and services, used to measure changes in overall price level. the process of bringing down inflation that has become embedded in expectations. a period in which GDP growth rate is positive but the unemployment rate is still rising. a fall in the overall level of prices. |
Employed
Unemployed
Labor force
Labor force participation rate
Unemployment rate
Discouraged workers
Marginally attached workers
Underemployed
Jobless recovery
Job search
Frictional unemployment
Structural unemployment
Efficiency wages
Natural rate of unemployment
Cyclical unemployment
Real wage
Real income
Inflation rate
Shoe-leather costs
Menu costs
Unit-of-account costs
Nominal interest rate
Real interest rate
Deflation
Disinflation
Aggregate price level
Market basket
Price index
Consumer price index (CPI)
Producer price index (PPI)
GDP deflator