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Aggregate demand
The total quantity of real output that all buyers in an economy (consumers, businesses, the government, and foreigners) are willing to purchase over a specific time period, at all possible price levels, ceteris paribus.
Cyclical unemployment
Cyclical unemployment occurs during economic downturns when demand for goods and services falls, leading to job losses.
Frictional unemployment
Frictional unemployment occurs when people are temporarily between jobs or entering the workforce for the first time.
Natural rate of unemployment
The level of unemployment that persists even when the economy is operating at full-employment. It consists of the sum of structural, frictional, and seasonal unemployment.
Seasonal unemployment
Seasonal unemployment arises when jobs are only available during certain times of the year.
Structural unemployment
Structural unemployment happens when there is a mismatch between workers’ skills and available jobs.
Unemployment
When people of working age (16-65) who are actively seeking and able to work, but are not employed.
Unemployment Rate
The number of unemployed people expressed as a percentage of the labor force.