Term
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Definition
| unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are easily available |
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Term
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Definition
| increases in the price level resulting from an excess of demand over output at current price leve |
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Term
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Definition
| a rise in the general prices of the economy |
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Term
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Definition
| the percentage of the labor force unemployed at any time |
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Term
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Definition
| Generalization that any 1 percentage point increase in the unemployment rate above the full employment unemployment rate will increase GDP gap by 2 percent |
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Term
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Definition
| the amount by which actual GDP falls below potential output |
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Term
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Definition
| the interest rate expressed in dollars of constant value and equal to nominal interest rate |
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Term
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Definition
| GDP adjusted for inflation |
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Term
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Definition
| the amount of goods/servs that can be purchased with nominal income |
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Term
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Definition
| a measure of average output or real output per unit of output |
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Term
| Natural Rate of Unemployment |
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Definition
| The full employment, unemployment rate |
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Term
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Definition
| recurring increases and decreases in the level of economic activity over periods of years |
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