Econ Ch 4 VOCAB

The study of the operation of the economy as a whole

Legislation giving the federal government the right and responsibility to provide an environment for the achievement of full employment, full production, and stable prices.

A resource avaliable for production is not being used

Occurs when people are voluntarily out of work for a short period of time while searching for a job

Occurs when only those voluntarily out of work are unemployed, or the unemployment rate includes only frictional unemployment

Involuntary unemployment that results from a downswing in a business cycle, or a recession

Involuntarily unemployment that results when a worker's job is no longer part of the production structure of the economy