Term
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Definition
| annual rate of increase in average prices of things |
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Term
| central objective of macroeconomics |
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Definition
| to understand and better measure inflation/understand overall performance of the national economy |
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Term
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Definition
| number of adults over 16 who are able to work and don't have a job |
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Term
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Definition
| anyone over 16 who is able to have a job |
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Term
| what consists of the labor force? |
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Definition
| employed + unemployed= Labor force |
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Term
| break down the groups of people over 16 |
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Definition
| employed, unemployed, not in labor force |
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Term
| why wouldn't someone be in the labor force? give examples |
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Definition
| homemakers, full time students, military personal, people retired |
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Term
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Definition
the amount of something
ex: how much $$$ you have as of RIGHT NOW |
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Term
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Definition
the amount measured per unit of time
ex: how much Todd is paying you per hour |
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Term
| categories of individuals who are without work (According to the Bureau of Labor Statistics) |
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Definition
| a job loser, a re-entrant, a job leaver, a new entrant |
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Term
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Definition
| one who gets laid off or fired |
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Term
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Definition
| one who worked a full time job before but has been out of the labor force |
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Term
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Definition
| one who quits or ends the job |
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Term
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Definition
| one who has never worked a full time job for 2 weeks or longer |
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Term
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Definition
| those who have stopped looking for a job cause they don't think they will find a good one |
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Term
| labor force participation rate |
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Definition
| % of working people who are either employed or looking for a job |
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Term
| state the major types of unemployment |
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Definition
| frictional unemployment, structural unemployment, cyclical unemployment and seasonal unemployment |
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Term
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Definition
| when one jumps from job to job. this is somewhat "short term" |
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Term
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Definition
| when one cant get a job because they don't have the abilities and skills to do the job |
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Term
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Definition
| when a business doesn't have enough money or resources to hire more people |
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Term
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Definition
| when one loses their job due to summer/ winter or school/summer seasons |
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Term
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Definition
| when one has balance in an ever shifting labor market |
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Term
| natural rate of unemployment |
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Definition
| rate of long term numbers in unemployment |
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Term
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Definition
| when the average price of something goes up |
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Term
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Definition
| when the average price of something goes down |
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Term
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Definition
| real goods and things money can buy |
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Term
| when inflation goes up, the purchasing power of money ___ ______ |
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Definition
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Term
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Definition
| cost of today's goods versus the cost of a given year (known as a base year) |
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Term
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Definition
| year that is chosen as the point of reference for comparison of prices in other years |
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Term
| consumer price index (CPI) |
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Definition
| measure of average prices of specific goods bought by consumers in urban areas |
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Term
| producer price index (PPI) |
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Definition
| measure of an average of prices of goods that firms sell |
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Term
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Definition
| price index measuring the changes in prices of all new goods made by the economy |
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Term
| personal consumption expenditure (PCE) |
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Definition
| statistical patterns relating to surveys of buyers and consumers |
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Term
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Definition
| inflation that is expected |
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Term
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Definition
| inflation that is unexpected |
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Term
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Definition
| market rate of interest in today's dallors |
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Term
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Definition
| rate of interest minus the anticipated rate of inflation |
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Term
| cost of living adjustments (COLAs) |
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Definition
| clauses in contracts that allow for increases in values to take account of changes in the cost of living |
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Term
| repricing, menu, cost of inflation |
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Definition
| cost with recalculating prices and printing new price lists when there is inflation |
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Term
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Definition
| ups and downs in business activity throughout the economy |
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Term
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Definition
| pace of national economy activity is speeding up |
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Term
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Definition
| business fluctuation where national economic activity is slowing down |
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Term
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Definition
| time where rate of growth of business activity is consistently less than its long term trend |
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Term
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Definition
| extremely severe recession |
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Term
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Definition
| events that economists have notices typically occur before changes in business activity. they serve mainly as a guide into the future |
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