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31 Cards in this Set
- Front
- Back
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unemployment that occurs when people take time to find a job
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frictional unemployment
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unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season
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seasonal unemployment
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unemployment that occurs when workers skills do not match the jobs that are available
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structural unemployment
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unemployment that rises during economic downturns and falls when the economy improves
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cyclical unemployment
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an official count of the population
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census
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the percentage of the nations labor force that is unemployed
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unemployment rate
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the level of employment reached when there is no cyclical unemployment
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full employment
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working at a job for which one is overqualified, or working part-time when full-time work is desired
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underemployed
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a person who wants a job but has given up looking
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discouraged worker
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a general increase in price
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inflation
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the ability to purchase goods and services
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purchasing power
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a measurement that shows how the average price of a standard group of goods changes over time
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price index
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a price index determined by measuring the price of a standard group of good meant to represent the "market basket" of a typical urban consumer
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consumer price index
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a representative collection of good and services
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market basket
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the percentage rate of change in price level over time
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inflation rate
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the rate of inflation excluding the effects of food and energy prices
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core inflation rate
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inflation that is out of control
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hyperinflation
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theory that too much money in the economy causes inflation
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quantity theory
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theory that inflation occurs when demand for goods and services exceeds existing supplies
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demand-pull theory
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theory that inflation occurs when producers raise prices in order to meet increased costs
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cost-push theory
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the process by which rising wages cause higher prices, and higher prices cause higher wages
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wage-price spiral
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income that foes not increase even when prices go up
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fixed income
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a sustained drop in the price level
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deflation
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the income level below which income is insufficient to support a family or household
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poverty threshold
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the percentage of people who live in households with income below the official poverty line
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poverty rate
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how the nation's total income is distributed among its population
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income distributed
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government-issued coupons that recipients exchange for food
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food stamps
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the curve that illustrates income distribution
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lorenz curve
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area where companies can locate free of certain local, state, and federal taxes and restrictions
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enterprise zone
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federal funds given to the states in lump sums
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block grant
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a program requiring work in exchange for temporary assistance
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workfare
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