Econ Ch 4 VOCAB
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The study of the operation of the economy as a whole
Employment Act of 1946
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
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