(See related pages)
Below are the key terms featured in this chapter. The textbook's full glossary is also available for online searching.
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| base year | the survey year used as a point of comparison in subsequent years (See page(s) 223) |
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| consumer price index | a measure of price changes for a typical basket of consumer products (See page(s) 223) |
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| cost of living | the amount consumers must spend on the entire range of goods and services they buy (See page(s) 224) |
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| cost-of-living-adjustment clauses | provisions for income adjustments to accommodate changes in price levels, which are included in wage contracts (See page(s) 228) |
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| cyclical unemployment | unemployment due to the ups and downs of economies and businesses (See page(s) 234) |
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| deflation | a general decrease in the level of prices (See page(s) 223) |
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| discouraged workers | unemployed workers who have given up looking for work (See page(s) 234) |
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| fixed incomes | nominal incomes that remain fixed at some dollar amount regardless of the rate of inflation (See page(s) 229) |
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| frictional unemployment | unemployment due to being temporarily between jobs or looking for a first job (See page(s) 234) |
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| full employment | the highest reasonable expectation of employment for the economy as a whole (See page(s) 235) |
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| fully indexed incomes | nominal incomes that automatically increase by the rate of inflation (See page(s) 228) |
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| GDP deflator | an indicator of price changes for all goods and services produced in the economy (See page(s) 226) |
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| inflation premium | a percentage built into a nominal interest rate to anticipate the rate of inflation for the loan period (See page(s) 229) |
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| item weights | the proportions of each good in the total cost of the basket of consumer goods used to calculate CPI (See page(s) 223) |
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| labour force | all people who either have a job or are actively seeking employment (See page(s) 232) |
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| labour force population | the population, with specific exclusions, from which Statistics Canada takes a random sample for the labour force survey (See page(s) 231) |
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| natural unemployment rate | the unemployment rate that defines full employment (See page(s) 235) |
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| nominal GDP | Gross Domestic Product expressed in current dollars (See page(s) 227) |
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| nominal income | income expressed in current dollars (See page(s) 225) |
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| nominal interest rate | the interest rate expressed in money terms (See page(s) 229) |
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| partially indexed incomes | nominal incomes that increase by less than the rate of inflation (See page(s) 229) |
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| participation rate | the percentage of the entire labour force population that makes up the labour force (See page(s) 232) |
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| potential output | the real output, or Gross Domestic Product, associated with full employment (See page(s) 237) |
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| real income | income expressed in constant base-year dollars (See page(s) 225) |
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| real interest rate | the nominal interest rate minus the rate of inflation (See page(s) 229) |
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| seasonal unemployment | unemployment due to the seasonal nature of some occupations and industries (See page(s) 235) |
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| structural unemployment | unemployment due to a mismatch between people and jobs (See page(s) 234) |
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| underemployment | the problem of workers being underutilized, either as part-time workers or by working at jobs not appropriate to their skills or education (See page(s) 233) |