| shows an economy's production after the distortions of price increases have been removed | | |
| alternating periods of growth and decline | | |
| takes place when real GDP goes up | | |
| the highest point in an expansion | | |
| takes place when real GDP goes down for six straight months, although most last longer than that | | |
| includes all civilians 16 years old or older who are either working or are looking for work | | |
| the percentage of people in the civilian labor force who are not working but are looking for jobs | | |
| changes in government spending or tax policies | | |
| a sustained increase in the general level of prices | | |
| a popular measure of the price level; the government samples prices of 400 products commonly used by consumers | | |