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Definition of Boom

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Boom

The expansionary part of a business cycle in which GDP is growing rapidly.



Related Terms:

Cyclical Unemployment

Unemployment that increases when the economy enters a recession and decreases when the economy enters a boom.


Procyclical

Increasing during booms and decreasing during recessions.


Countercyclical

Falling during expansions and rising during recessions. A countercyclical policy stimulates during a recession and contracts during an expansion.


Federal Unemployment Tax Act (FUTA)

A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a
pool of funds to be used for unemployment benefits.


Frictional Unemployment

unemployment associated with people changing jobs or quitting to search for new jobs.



Institutionally Induced Unemployment

unemployment due to institutional phenomena such as the degree of labor force unionization, the level of discrimination, and government policies such as unemployment insurance programs, minimum wages, or regulations on business.


Natural Rate of Unemployment (NRU)

The level of unemployment characterizing the economy in long-run equilibrium, determined by the levels of frictional, structural, and institutionally induced unemployment. At this rate of unemployment, inflation should be constant, so it is sometimes called the nonaccelerating inflation rate of unemployment, or NAIRU.


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Structural Unemployment

unemployment due to a mismatch between the skills or location of labor and the skills or location required by firms.


Unemployment Insurance

A program in which workers and firms pay contributions and workers collect benefits if they become unemployed.


Unemployment rate

The ratio of the number of people classified as unemployed to the total labor force.


Unemployment rate

Fraction of the labor force that is not employed.



 

 

 

 

 

 

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