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