Term
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Definition
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Term
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Definition
| (New CPI - Old CPI) / Old CPI |
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Term
| Convert wage from present to past |
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Definition
| (Old CPI - Current CPI) x current wage |
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Term
| convert wage from past to present |
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Definition
| (Current CPI - Old CPI) x old wage |
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Term
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Definition
| # of unemployed / labor force |
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Term
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Definition
| All employed + those actively seeking employment |
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Term
| natural rate of unemployment |
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Definition
structural + frictional unemployment.
"best we can do"
currently 4.8% |
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Term
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Definition
| for every 1% gap between actual and natural unemployment, correlated 2% decrease in real GDP growth. |
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Term
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Definition
| nominal rate - inflation rate |
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Term
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Definition
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Term
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Definition
| nominal wage / price level |
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Term
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Definition
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Term
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Definition
| 72 / Growth Rate (the amount of time it takes for a population to double) |
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Term
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Definition
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Term
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Definition
1 / MPC (marginal propensity consume)
or
1 / MPS |
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Term
| MPC (marginal propensity to consume) |
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Definition
| change Consumption / change Income |
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Term
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Definition
| change Income (or GDP) / change Spending |
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Term
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Definition
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Term
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Definition
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Term
| INCOME or Y or OUTPUT = ? |
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Definition
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Term
|
Definition
| Y - T = disposable income |
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Term
|
Definition
| "natural" rate + cyclical unemployment |
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Term
|
Definition
| Quanity Supplied (Qs) = Quantity Demanded (Qd) |
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Term
|
Definition
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