Term
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Definition
| people who currently hold a job in the economy, either full or part time |
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Term
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Definition
| people available to work who make a specific effort to find a job in the past month and in the past week worked less than one hour for pay |
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Term
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Definition
| sum of employed and unemployed |
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Term
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Definition
number of people unemployed divided by
labor force |
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Term
| significance of the unemployment rate |
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Definition
less than 5%=good
5-10%=concerning
10-15%=bad
15% or more=catastrophic |
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Term
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Definition
| nonworking people who are capable of working but have given up looking for a job due to the state of the job market |
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Term
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Definition
| people who work part time because they cannot find full time jobs |
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Term
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Definition
| unemployment due to the time workers spend in the job search, quit job, move to next. |
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Term
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Definition
| unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate |
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Term
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Definition
| wages that employers set above the equilibrium wage rate as an incentive for better employee performance |
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Term
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Definition
| unemployment directly related to swings in the business cycle. |
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Term
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Definition
| unemployment resulting from changes in weather or changes in demand for seasonal products |
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Term
| technological unemployment |
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Definition
| unemployment caused when workers with less skills, talents, or education are replaced by machines that can do their jobs |
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Term
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Definition
| rise in the overall price |
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Term
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Definition
| a fall of the overall price level |
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Term
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Definition
1. Demand-Pull Theory: all parts of the economy try to buy more that what the economy can produce.
2. Government Deficit: When government overspending affects the money supply and interest rates, which affects the inflation rate
3. Cost-Push Theory: Cost of inputs increases, which causes a rise in the costs of products
4. Wage-Price Signal: Constant increases in wages and prices that are difficult to stop
5. Excessive Monetary Growth: The money supply grows faster than the Gross Domestic Product. |
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Term
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Definition
1. Creeping Inflation 1-10% increase/year
2. Galloping Inflation: 50-500% increase per year
3. Hyper Inflation; 500% or more increase per year |
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Term
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Definition
| The percentage of the loan amount that the borrower must repay to the lender in addition to the loan amount. |
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Term
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Definition
| nominal interest rate adjusted for inflation |
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Term
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Definition
| The process of bringing the inflation rate down |
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Term
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Definition
| Economic model that shows the distribution of income in a nation |
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Term
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Definition
| a relative measure that depends on prices, the standard of living, and the incomes others earn |
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Term
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Definition
| Direct cash assistance to those in need |
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Term
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Definition
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Term
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Definition
| day care, foster care, medicare, medicaid-assistance from the government |
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Term
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Definition
| taxes will be negative and will have to be given back to the government |
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Term
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Definition
| special area of a city where businesses can locate , free of many work related laws and restrictions |
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Term
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Definition
| work to receive benefits instead of pay |
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