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29 Cards in this Set

  • Front
  • Back
Frictional Unemployment
occurs when people take time to find a job
Seasonal Unemployment
occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season
○ Structural Unemployment & causes
occurs when workers’ skills don’t match the jobs that are available
○ Cyclical unemployment
unemployment that rises during economic downturns and falls when economy improves
unemployment rate
(#ppl unemployed)/(#ppl in civilian labor force)*100
official count of the population
seasonally adjusting
unemployment rate for each month inc’d/dec’d to take into account the level of seasonal unemployment
○ full employment
level of employment reached when there is no cyclical unemployment
working at a job for which one is over
○ discouraged workers
ppl who want jobs but have given up looking
a general increase in prices
○ purchasing power
the ability to purchase g/s
○ Price Index
a measurement that shows how the avg price of a stdrd grp of goods changes over time
■ Consumer Price Index (CPI)
price index determined by measuring the price of a stnd grp of goods meant to represent the “market basket” of a typical urban consumer
● market basket
representative collection of g/s
○ inflation rate
percentage rate of change in price level over time
■ core inflation rate
rate of inflation excluding effects of food&energy prices
■ hyperinflation
out of control inflation
■ Quantity theory
too much money in economy causes inflation
■ Demand Pull theory
inflation occurs when demand for g/s exceeds existing supplies
■ Cost
Push theory
● wage price spiral
when rising wages cause higher prices which cause higher wages
■ deflation
sustained drop in price level
effects of inflation
erode purchasing power, erode income, interest rates
fixed income
income that doesn't inc as prices go up
○ Poverty rate
percentage of ppl in households w/income below official poverty line
○ Income Distribution
how the nation’s total income is dist among its population
■ food stamps
govt issued coupons that recipients exchange for food
■ Lorenz curve
illustrates income distribution