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Details Title: ch.5 Description: 5 Total Flash Cards: 13 Created: 07/24/2007 14:46:52	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term price level Definition weighted average of the prices of all good and services Term price index Definition measure of the price level Term consumer price index Definition a widely cited index number for the price level; the weighted average of prices of a specific set of goods and services purchased by a typical household. Term base year Definition year chosen as point of reference or basis of comparison for prices in other years; a benchmark year Term inflation Definition an increase in the price level Term real income Definition nominal income adjusted for price changes Term nominal income Definition the current-dollar amount of a person's income Term unemployment rate Definition percentage of civilian force that is unemployed. =number of unemployed/ civilian labor force Term employment rate Definition percentage of the civilian noninstitutional population that is employed:employment rate= number of employed persons/ civilian noninstutional population Term labor force participation rate Definition percentage of the civilian noninstitutional population that is in the civilian labor force. Labor force participation rate=civilian labor force/civilian noninstitutional population Term frictional unemployment Definition due 2 nature frictions. caused my changin market conditions, qualified ppl with skills to change jobs Term structural Definition lack of skills Term full employment Definition unemployment equals natural unemployment