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15 Cards in this Set

  • Front
  • Back
frictional unemployment
unemployment that occurs when people take time to find a job :)
seasonal unemployment
unemployment that occurs because of harvest schedules or vacations, or when industries slow or shut down for a season :|
structural unemployment
unemployment that occurs when workers’ skills do not match the jobs that are available :)
cyclical unemployment
unemployment that rises during economic downturns and falls when the economy improves when the economy improves :(
working at a job for which one is over-qualified or working part-time when full-time work is desired :(
discouraged workers (hidden unemployment)
a person who wants a jobs but has given up looking
cost-push inflation
inflation that occurs when demand for goods and services exceeds existing supplies
cost push inflation
inflation that occurs when producers raise prices in order to meet increased costs (shift to lower supply curve)
Phillips Curve
high inflation and low unemployment, low inflation and high unemployment. negative straight line
high inflation and high unemployment: must deal with inflation first
demand-side economics
-Keneysian economics
-If government spends money, this will increase demand and GNP
-cyclically balancing the budget by using business cycle to your advantage
supply-side economics
-trickle down theory
-Laffer curve
-belief that tax cuts can help an economy by raising supply
business cycle
a period of expansion followed by contraction, review chart
federal deficit/surplus
when the government is in debt/has extra money
I(businesses)+ C(consumers) + G (government) + (X-M) (imports-exports)