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21 Cards in this Set
- Front
- Back
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those 16 years of age and older who are either working or looking for work
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Labor Force
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the number unemployed as a percentage of the labor force
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Unemployment Rate
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those who drop out of the labor force in frustration because they can’t find work
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Discouraged Workers
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the labor force as a percentage of the adult population
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Labor Force Participation Rate
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unemployment that occurs because job seekers and employers need time to find each other
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Frictional Unemployment
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unemployment caused by seasonal changes in the demand for certain kinds of labor
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Seasonal Unemployment
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unemployment because 1) the skills in demand do not match those of the unemployed, or 2) the unemployed do not live where the jobs are
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Structural Unemployment
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unemployment that fluctuated with the business cycle, (increasing during contractions and decreasing during expansions.)
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Cyclical Unemployment
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employment level when there is no cyclical unemployment
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Full Employment
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cash transfer for those who lose their jobs and actively seek employment
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Unemployment Benefits
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workers are overqualified for their jobs or work fewer hours than they would prefer
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Underemployment
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a very high rate of inflation
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Hyperinflation
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a sustained decrease in the price level
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Deflation
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a reduction in the rate of inflation
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Disinflation
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a sustained rise in the price level caused by a rightward shift of the aggregate demand curve. (raise interest rates and taxes)
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Demand-Pull Inflation
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a sustained rise in the price level caused by a leftward shift of the aggregate supply curve. (Lower interest rates and taxes)
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Cost-Push Inflation
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the dollar amount paid by borrowers to lenders
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Interest
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interest per year as a percentage of the amount loaned
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Interest Rate
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the interest rate expressed in current dollars as a percentage of the amount loaned; the interest rate on the loan agreement
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Nominal Interest Rate
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the interest expressed in dollars of constant purchasing power as a percentage of the amount loaned; the nominal interest rate minus the inflation rate
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Real Interest Rate
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cost-of-living adjustments; the increase in a transfer payment or wage that reflects the increase in the price level
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COLA
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