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Gross Domestic Product (GDP)

The total value of all goods and services produced in a country within a year.

Nominal GDP

GDP measured at current prices, without adjusting for inflation.

Real GDP

GDP adjusted for inflation, reflecting the true value of goods and services.

GDP per capita

GDP divided by the population, showing average economic output per person.

Unemployment Rate

The percentage of the labor force that is unemployed but actively seeking work.

Labor Force Participation Rate

The percentage of the working-age population that is either employed or actively looking for work.

Frictional Unemployment

Short-term unemployment as people move between jobs or enter the workforce.

Structural Unemployment

Unemployment caused by changes in the economy, like new technology or shifts in industries.

Cyclical Unemployment

Unemployment caused by economic downturns or recessions.

Natural Rate of Unemployment

The normal level of unemployment, including frictional and structural unemployment, in a healthy economy.

Deflation

A decrease in the overall price level of goods and services.

Stagflation

A situation where inflation and unemployment are both high at the same time.

The Business Cycle: Expansion

Economic growth, rising employment, and increasing output.

The Business Cycle: Peak

The point at which the economy is at its highest output.

The Business Cycle: Contraction

A decline in economic activity, often leading to a recession.

The Business Cycle: Trough

The lowest point in the business cycle, marking the end of a recession.