Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
Labor Force |
is equal to the sum of employment and unemployment. |
|
|
Labor force participation rate |
is the percentage of the population aged 16 or older that is in the labor force. |
|
|
unemployment rate |
is the percentage of the total number of people in the labor force who are unemployed. |
|
|
Frictional Unemployment |
is unemployment due to the time workers spend in job search. |
|
|
Structural Unemployment |
more people are seeking jobs in a particular labor market that there are jobs available at the current wage rate, even when the economy is at the peak of the business cycle. |
|
|
Efficiency wages |
are wages that employers set above the equilibrium wage rate as an incentive for better employee performance. |
|
|
cyclical unemployment |
is the deviation of the actual rate of unemployment from the natural rate due to downturns in the business cycle. |
|
|
Shoe Leather Cost |
are the increased costs of transactions caused by inflation |
|
|
Unit-of-account costs |
arises from the way inflation make money a less reliable unit of measurement |
|
|
Interest Rate |
The interest rate on a loan is the price, calculated as a percentage of the amount borrowed, that lenders charge borrowers the use of their saving for one year |
|
|
the real interest rate |
The the nominal interest is the nominal interest rate minus the rate of inflation. |
