Gross Domestic Product.

Value of final goods and services produced in a given year expressed in terms of the prices in a reference base year.

A periodic and irregular movement of total production and other measures of economic activity (e.g. employment and income)

The people who work more than 35 hours per week, and those who work less than 35 hours per week.

Something produced for its final user and will not be used as a component of something else.

Value of final goods and services produced in a given year expressed in terms of the prices in that same year.

A period where real GDP decreases for at least two successive quarters.

People who work part-time for economic reasons. (They want a full-time job but can't find it)

The expenditure by households on consumption goods and services.

The calculation of real GDP put out every 3 months by the Bureau of Economic Analysis.

Production of goods and services inside the home (e.g cooking, cleaning, studying, etc.) This is not included in GDP.

Number of people unemployed divided by the labor force times 100.

The purchase of new capital goods and additions to inventory.

The level of real GDP when all the economies factors of production are fully employed.

Production of goods and services illegally. This is omitted from GDP.

A person who does not have a job, is available/willing to work, has not made specific efforts to find a job in the last four weeks, but has looked for work sometimes in the recent past.

The discrepancy between the expenditure approach and the income approach.

real GDP divided by the population

A period in which real GDP increases.

Someone who has just left formal education and is looking for a job.