all people age 16 and above who are either employed or unemployed : labor force. people who are actively looking for work but are currently unemployed: unemployed. percentage of people in the labor force who are classified as unemployed: unemployment rate. type of unemployment that means you are between jobs: frictional . type of unemployment that means your job was lost due to economic growth: structural. type of unemployment that means you do not have a job due to a change in the business cycle: cyclical. general rise in the price level throughout the economy, reduces purchasing power of money: inflation. general fall in the price level throughout the economy, increases purchasing power of money: deflation. most commonly used measurement of inflation, calculated using a market basket: consumer price index. rapidly rising general level of prices: hyperinflation. an organized group of workers formed to protect rights and interests: labor union. cycle of economic expansion and contraction; shows peak, trough, contraction, and expansion: business cycle. Match the characteristics of the business cycle phases to the correct phase: low unemployment, high GDP, inflation may be high