Macroeconomics

2. a severe, continued downturn in the economy where sales and prices drop, manufacturing decreases, businesses close, banks fail, and people lose their jobs.
4. two or more consecutive quarters of decline in GDP.
6. unemployment that is expected to occur at certain parts of the year
9. people looking for work, but who are without jobs.
11. unemployment that occurs when workers skills do not match the jobs that are available
12. this refers to those persons that have become unemployed due to a downturn in the business cycle.
14. falling prices
16. increase in the total output of an economy. Occurs when a society acquires new resources or when it learns to produce more using existing resources.
18. unemployment caused by people changing jobs

1. the dollar amount of all final goods and services produced within a country's borders in a year.
3. measure of change in price over time of a specific group of goods and services used by average household.
5. the movement of the economy from one condition to another and back again (shows ups and downs of the economy)
7. total supply or output of goods and services in an economy
8. measure of the value of economic output adjusted for inflation.
10. study of the economy as a whole (national, global)
13. total demand for goods and services in an economy
15. exports a nation's exports minus the value of its imports; also called trade balance
17. a rise in the general level of prices.