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6 Cards in this Set

  • Front
  • Back
Different kinds of unemployment
-Frictional: people changing jobs, first time entering workforce, reentry into workforce
-Structural: goods/services not in demand
-Cyclical: decline in total demand for goods/services
Impacts of unemployment
reduced spending, reduced revenue, goods can't be replaced, depression
impacts of inflation
hurts those who spend less and save more, CEO and property owners benefit, debtors benefit, full employment, increases rises
different kinds of inflation
-demand-pull inflation: demand > supply
-Cost push inflation: increased cost of goods/services
monetarist equation
M x V = T x P
T = num transactions
P = average level of prices
value of total purchases (T x P) must equal quantity of money (M) times times money changes hands (V)
increasing costs
the idea that production costs rises as the quantity of output of good increases. Reason why most countries have limited specialization.