Define the Following Terms: Canon Law

question 36

Short Answer

Define the following terms: canon law

---

Definitions:

Cyclical Unemployment

The deviation of unemployment from its natural rate.

Natural Rate

The rate of any economic activity that is considered to be sustainable in the long term without causing inflation; often used in the context of unemployment.

Natural Rate

The equilibrium rate of unemployment or interest when the economy is operating at a full capacity without short-term fluctuations.

Natural Rate

A concept referring to the level of economic activity or rate (such as unemployment) that corresponds to the economy's long-term potential or equilibrium state.