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15 Cards in this Set
- Front
- Back
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Calculate Unemployment Rate
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Unemployed/labor force x 100
Labor Force = Employed + Unemployed |
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Labor Force (How to calculate) |
Employed + Unemployed |
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Three Types of Unemployment |
Frictional Unemployment Cyclical Unemployment Structural Unemployment |
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Frictional Unemployment |
Unemployment as a result of the time required to change jobs. Reason you will never heave 100% employment of 0% unemployment. |
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GDP Formula |
GDP = C + G + I + ( x - m ) |
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C = ? G = ? I = ? (x-m) = ? |
C = Consumers G = Government I = Businesses (x-m) = Foreginers |
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Price Index |
A price index shows the change in a good or service or groups and services in the current year or period as compared to a change in the prices of those goods or serves in a previous year or period (Base Year). |
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Consumer Price Index (CPI) |
The total value of "such and such item" in the current year *100 |
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Four Things Not Included in GDP
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non marketed goods
illegal activities value of leisure economic "bads" and measures of economic welfare |
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NDP
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Net Domestic Product
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Four Phases of Bussiness Cycle
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Downturn or Reccesion
Trough Peak Recovery or Expansion |
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Three Categories of Employment
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Employed
Unemployed Not in the labor force |
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Aggregate Demand (AD)
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It is the total demand for all final goods and services produced by an economy in the short run (SR)
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Short Run Aggregate Supply (SRAS)
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it is the total supply of all final goods and services produced by an economy in the short run (SR)
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Stagflation
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High rates of inflation and excessive rates of unemployment at the same time
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