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Economics Ch. 14 business cycle and fluctuation

business cycle
a large systemic up and down of real GDP
business fluctuation
the rise and fall of GDP over time in a non-systemic manner
recession
when GDP drops for 2 quarters or 6 months in a row
peak
when GDP stops going up ^
trough
when GDP turns and stops going down
unemployed
people who are available for work, have tired to find work, but work less than 1 hour per week
-to find % take unemployed # and divide it by total # of people in workforce
frictional unemployment
workers who are out of a job for whatever reason
cyclical unemployment
employment that is directly related to swings in the business cycle
inflation
you follow it by taking a basket of goods and following its price change over time
demand pool theory
inflation is caused by consumers, businesses, and government

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