ECO207 Chapter 9 - Business Cycles, Unemployment, and Inflation
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9 Terms
cyclical unemployment
unemployment resulting from the business cycle
frictional unemployment
unemployment due to the time it takes workers to get matched with firms
structural unemployment
unemployment caused by the institutional structure of an economy or by economic restructuring, making some skills obsolete
technological unemployment
a form of structural unemployment that occurs when the demand for certain kinds of labor is reduced due to technological developments
underemployed
someone who is working in a job that does not fully utilize their skills or credentials, or if they are working fewer hours than they would like
price level
the overall level of prices in an economy
inflation
a rise in the price level
deflation
a fall in the price level
disinflation
a fall in the inflation rate