Structural Unemployment

Unemployment caused by lack of demand for a worker's specific type of labor.

Cyclical Unemployment

Unemployment due to recession

Frictional Unemployment

The time period between jobs when a worker is sending for or transitioning from one job to another

Nominal GDP

Gross Domestic Product not adjusted for inflation

Real GDP

Gross Domestic Product adjusted for inflation

Recession

When 2 successive quarters, or 6 months show a decrease in real GDP

Depression

A severe recession

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand

Equilibrium Quantity

The quantity (demanded or supplied) at the equilibrium price