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;
24 Cards in this Set
- Front
- Back
|
Employed
|
A paid employee, self employed, and unpaid workers in a family buisness
|
|
|
Unemployed
|
People (16yrs and older) not working, but who have looked for work in the previous 4 weeks
|
|
|
Unemployment Rate & Equation |
-% of people of labor force unemployed # unemployed / labor force * 100 |
|
|
Discouraged Workers
|
People who have given up looking for a job. |
|
|
elasticity of demand
|
determines if it is okay to change prices elastic- raising prices will cause a shift |
|
|
Regressive Tax
|
Ex: Social Security |
|
|
Progressive Tax |
Ex: Income tax |
|
|
Excise Tax
|
Ex: SIN taxes, gasoline tax |
|
|
Market Power |
The ability to influence market prices |
|
|
Oligopoly Natural Monopoly |
-only a few firms dominate -forms naturally because they make a good product; quality & pricing |
|
|
Exclusive Franchise Monopoly |
-allows monopoly to maintain efficiency |
|
|
Barriers to Entry
|
Ex: keeping prices low so that others go out of business if they try and start up. |
|
|
Government Macro Policy |
How the government impacts our lives. |
|
|
Fiscal policy |
taxes, spending Government money |
|
|
Monetary Policy |
Bank (U.S. Federal Reserve) determines the $$ supply (impacts inflation)
|
|
|
Aggregate Demand
|
Quantity of GDP purchased at alternative price levels. |
|
|
Cost-Push Inflation
|
costs of production rise which decreases supply, while demand remains the same, causing inflation and prices rise. |
|
|
Demand-Pull Inflation
|
AD outweighs AS, which causes a rise in prices
|
|
|
Free Market
|
Market Driven economy- newer (capitalism) Centrally Driven Economy (communism) |
|
|
Supply Side Growth
|
-this takes awhile |
|
|
Demand Side Growth
|
-this works faster |
|
|
Inflation
|
value of money falls, prices of goods increase
|
|
|
Inflation Tax |
-hurts people who are saving, helps out people who are in debt |
|
|
Real Interest |
= nominal interest - inflation
|
