Term
|
Definition
|
|
Term
|
Definition
Prices that account for a change in prices such as inflation.
If you get a 10% raise and prices go up 8%, they you REAL wage increase is 2% |
|
|
Term
|
Definition
| An index of the variation in prices paid by typical consumers for retail goods and other items. |
|
|
Term
|
Definition
1) Find base CPI cost from a past year
2) Find current CPI market prices
3) [(Current prices)/(Past prices)]*100 |
|
|
Term
|
Definition
| Cost of living and the value of money. |
|
|
Term
| How is inflation calculated? |
|
Definition
| [(current CPI - previous yr's CPI)/(previous yr's CPI)]*100 |
|
|
Term
|
Definition
| Cost of Living Index, Price Level, or Inflation |
|
|
Term
|
Definition
Percentage returned on a loan.
A $100 deposit at 5% interest will net a $5 gain. |
|
|
Term
|
Definition
| Calculated by purchasing power |
|
|
Term
| How is real GDP calculated? |
|
Definition
|
|
Term
| What are the four broad costs of Inflation? |
|
Definition
1)Tax cost: inflation is a 'tax' on holding money
2)Shoe leather cost: hyperinflation
3)Confusion Cost: the value of money changes
4)uncertain costs: makes long term planing difficult |
|
|
Term
|
Definition
| Increased demand. Typically seasonal like christmas cards are more popular in the winter than in summer. |
|
|
Term
|
Definition
| Increased cost of inputs will increase overall price for consumers |
|
|
Term
|
Definition
| number of people 16 and older who are not in jail, hospital, institutional car, or armed forces. |
|
|
Term
|
Definition
| number of people over 16 and over, employed and unemployed |
|
|
Term
|
Definition
| Not working but actively looking |
|
|
Term
|
Definition
| neither working nor unemployed (house wives and bums) |
|
|
Term
| How to calculate unemployment rate |
|
Definition
| [(Number unemployed)/(labor force)]*100 |
|
|
Term
| How to calculate Labor Force Participation Rate |
|
Definition
The percentage of the working age population who are members of the labor force
[(labor force)/(working age pop)]*100 |
|
|
Term
|
Definition
| A person who doesn't have a job, is willing and able to work, but has not made a specific effort to fant a job within the previous 4 months. |
|
|
Term
|
Definition
| one that works more than 35 hours a week |
|
|
Term
|
Definition
| one who works less thatn 35 hours per week |
|
|
Term
| Involuntary part time worker |
|
Definition
| part time worker who is looking for full time work |
|
|
Term
|
Definition
| Normal labor turnover. People entering and leaving the labor force, and from the creation/destruction of new jobs |
|
|
Term
|
Definition
| technology changes the skills needed to perform a job, or international competition changes the location of a job. |
|
|
