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25 Cards in this Set
- Front
- Back
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Unemployment
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The percentage of the labor force that is not working
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Labor Force
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All of those actively looking for work and those who have a job.
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Labor Force Participation Rate
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The percentage of non-institutionalized working age individuals who are employed or seeking employment.
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Discouraged Worker
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Workers who have stopped looking because they believe their efforts are futile.
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Underemployment
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The employment of workers in jobs that do not utilize their productive potential
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Seasonal Unemployment
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A product of regular, recurring change in the hiring needs of of certain indutries on a monthly basis
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Structural unemployment
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A product of technological change and other changes in the structure of the economy
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Cyclical Unemployment
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A product of business cycle fluctuations
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Frictional Unemployment
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A product of the short-term movement of workers between jobs and of first time job seekers
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Classical (Disequilibrium) Unemployment
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A product of high minimum wages and/or inflexible labor markets and/or generous unemployment benefits
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Natural Rate of Unemployment
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The unemployment rate that would exist in the absence of cyclical and seasonal unemployment.
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Potential Real GDP
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National economic output at natural rate of unemployment.
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Inflation
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A sustained rise in the average level of prices
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Deflation
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A sustained fall in the average level of prices
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Nominal interest rate
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the obsered rate of interest in the market
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Real interest rate
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the nominal rate of interest minus the rate of inflation.
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Hyperinflation
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an extermely high rate of inflation.
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Price Index
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The costs of today's market basket of goods expressed ias a % of costs of the same market basic during a base year.
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CPI
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A tool to measure the inflation rate based on the weighted average of the prices of a basket of commonly consumed goods.
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PPI
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A tool to measure the inflation rate based on the weighted average of the prices of a basket of goods used by producers.
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GDP Deflator
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A price index measuring the changes in prces of all new goods and services produced in the economy
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Menu Costs
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The costs of inflation due to recalculating prices and printing new price lists
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Shoe Leather Costs
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The costs of inflation due to the extra effort spent managing money (eg, going to the bank more often).
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COLAs
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Cost of Living Adjustments. Automatic alterations of a persons pay such that it changes with the rate of inflation.
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NAIRU
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Non Accelerating Inflation Rate of Unemployment---the inflation rate of a country if there were no cyclical unemployment
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