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Definition
| occurs when people take time to find a job |
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| occurs as a result of harvest schedule or vacations, or when industries slow or shut down for a season |
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Definition
| occurs when workers' skills do not match the jobs that are available |
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Definition
| rises during economic downturns & falls when the economy improves |
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Term
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Definition
| official count of the population |
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Definition
| % of nation's labor force that is unemployed |
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Definition
| level of unemployment reached when there is no cyclical unemployment |
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Definition
| working at a job for which one is over qualified or working part time when full time work is desired |
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Definition
| person who wants a job but has given up looking |
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Term
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Definition
| general increase in prices |
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Definition
| ability to purchase goods & services |
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Term
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Definition
| a measurement that shows how the average pice of a standard group of goods changes over time |
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Term
| consumer price index (CPI) |
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Definition
| price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer |
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Definition
| a representative collection of goods and services |
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Definition
| % rate of change in price level over time |
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Definition
| the rate of inflation excluding the effects of food & energy prices |
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Definition
| inflation that is out of control |
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Definition
| too much money in the economy causes inflation |
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Term
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Definition
| inflation occurs when deamnd for goods & services exceeds exising supplies |
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Term
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Definition
| inflation occurs when producers raise prices in order to meet increased costs |
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Term
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Definition
| process by which rising wages cause higher prices, higher prices cause higher wages |
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Definition
| income that does not increase even when prices go up |
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Definition
| a sustained drop in the price level |
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Definition
| income level below which income is insufficient to support a family or household |
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| % of people who live in households with income below the official poverty line |
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Definition
| how the nation's total income is distributed among its population |
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Term
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Definition
| govt issued coupons that recipients exchange for food |
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Definition
| curve that illustrates income distribution |
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Definition
| area where companies can locate free of certain local, state, and federal taxes & restrictions |
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Definition
| federal funds given to the states in lump sums |
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Term
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Definition
| program requiring work in exchange for temporary assistance |
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