Details Title: ch.5 Description: 5 Total Flash Cards: 13 Created: 07/24/2007 14:46:52		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Economics Flashcards
Cards in this set: 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