economics, The study of how people, businesses, and governments make choices about using limited resources to satisfy unlimited wants., macroeconomics, The branch of economics that studies the overall economy, including growth, inflation, and unemployment., GDP, The total market value of all final goods and services produced within a country in a given time period., Real GDP, GDP adjusted for inflation; shows the actual growth in goods and services., Nominal GDP, GDP measured in current prices, not adjusted for inflation., economic growth, An increase in a country’s output of goods and services over time, usually measured by the rise in real GDP., Recession, A period of declining economic activity, typically defined as two consecutive quarters of falling real GDP., depression, A severe and prolonged downturn in economic activity, deeper and longer-lasting than a recession., Business cycle, The natural rise and fall of economic activity over time, including periods of expansion and contraction., Inflation, A sustained increase in the general price level of goods and services in an economy., deflation, A sustained decrease in the general price level of goods and services., CPI, A measure that tracks the average change in prices paid by consumers for a basket of goods and services., Unemployment rate, The percentage of the labor force that is actively seeking work but unable to find a job., Labor force, The total number of people who are either employed or actively seeking employment., Frictional unemployment, Short-term unemployment that occurs when people are between jobs or entering the labor force., Structural unemployment, Unemployment caused by a mismatch between workers’ skills and the skills needed for available jobs., cyclical unemployment, Unemployment caused by a downturn in the business cycle (recessions)., seasonal unemployment, Unemployment that occurs when jobs are only available during certain seasons of the year., Full employment, The level of employment when all who are willing and able to work at current wage rates can find jobs, with only frictional and structural unemployment present., AD, The total demand for goods and services in an economy at a given overall price level and time period., AS, The total amount of goods and services that producers in an economy are willing and able to supply at a given price level., Fiscal policy, Government decisions on taxation and spending designed to influence the economy., monetary policy, Actions by a central bank (like the Federal Reserve) to control the money supply and interest rates to influence economic activity., federal reserve, The central bank of the United States, which manages monetary policy and regulates banks., Interest rate, The cost of borrowing money or the return for lending it, expressed as a percentage of the loan amount., budget deficit, When a government’s spending exceeds its revenue during a specific period., National debt, The total amount of money the government owes from borrowing to cover past budget deficits., supply-side economics , The theory that economic growth is best stimulated by lowering taxes and reducing regulation to encourage production and investment., Keynesian economics, The theory that government intervention through fiscal and monetary policy can help stabilize the economy during recessions or booms., productivity, The amount of output produced per unit of input (such as labor or capital); a measure of efficiency..

Jaylen Jackson

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