Figure 9.8: Cyclical Unemployment: 1980-2015 
(Source: Federal Reserve Economic Data, St. Louis Federal Reserve)
-The figure above shows cyclical unemployment for the years 1980-2015. Using your best guess by looking at the figure, what was the output gap in 1992, 2003, 2010, and 2015? What is the change in inflation for those years?
Definitions:
Resources
Assets and inputs used to produce goods and services, such as time, labor, capital, and natural resources.
Factor Market
The marketplace for services of the factors of production (labor, land, capital) where these are bought and sold.
Circular-Flow Diagram
A visual representation emphasizing the economic interactions and monetary flow between households and firms within various markets.
Households
Units of individuals living together, typically sharing living expenses, and making joint decisions on consumption and financial matters.
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