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| weighted average of the prices of all good and services |
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| measure of the price level |
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| a widely cited index number for the price level; the weighted average of prices of a specific set of goods and services purchased by a typical household. |
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| year chosen as point of reference or basis of comparison for prices in other years; a benchmark year |
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| an increase in the price level |
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| nominal income adjusted for price changes |
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| the current-dollar amount of a person's income |
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| percentage of civilian force that is unemployed. =number of unemployed/ civilian labor force |
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| percentage of the civilian noninstitutional population that is employed:employment rate= number of employed persons/ civilian noninstutional population |
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| labor force participation rate |
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Definition
| percentage of the civilian noninstitutional population that is in the civilian labor force. Labor force participation rate=civilian labor force/civilian noninstitutional population |
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| due 2 nature frictions. caused my changin market conditions, qualified ppl with skills to change jobs |
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Definition
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| unemployment equals natural unemployment |
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