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ch.5
5
13
Economics
Post-Graduate
07/24/2007

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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
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