Term
| Consumer Price Index (CPI) |
|
Definition
= the current cost of basket divided by
the cost in the base period multiplied by 100
: is a measure of the average of the prices paid by urban consumers for a fixed basket of consumer goods and services. |
|
|
Term
|
Definition
the higher than normal unemployment that arises at a business cycle trough and the lower than normal unemployment that exists at a business cycle peak.
__________ causes unemployment increases during recessions and decreases during expansions. |
|
|
Term
|
Definition
| persistently falling price level |
|
|
Term
|
Definition
| who are available and willing to work but have not made specific efforts to find a job within the previous four weeks. Discouraged workers are not in the labor force. Also part of underutilized labor are part-time workers who want full-time jobs. Some are marginally attached workers. |
|
|
Term
| Employment-to-population ratio |
|
Definition
| the percentage of working age people who have jobs |
|
|
Term
|
Definition
the result of normal labor market turnover, such as people entering or leaving the labor force and from the
ongoing creation and destruction of jobs. Frictionally unemployed workers are searching for good job matches |
|
|
Term
|
Definition
is a period when the inflation rate is exceedingly high and workers are paid
twice a day because money is losing its value so rapidly. At such rates, inflation causes economic chaos |
|
|
Term
|
Definition
| A persistently rising price level is called inflation |
|
|
Term
| Labor force participation rate |
|
Definition
= Labor Force divided by Working Age Population multiplied by 100
the percentage of the working-age population who are members of the labor force. |
|
|
Term
| Marginally attached workers |
|
Definition
Underutilized labor includes ________ who currently are neither working nor
looking for work but have indicated that they want and are available for a job and have looked for work sometime in the recent past. |
|
|
Term
| Natural unemployment rate |
|
Definition
______________ rate equals the sum of the frictional and structural unemployment rates.
is the unemployment rate when there is no cyclical unemployment. |
|
|
Term
|
Definition
| the result of changes in technology or international competition that change the skills needed to perform jobs or change the location of jobs. |
|
|
Term
|
Definition
= Number of people unemployed divided by Labor Force multiplied by 100
the percentage of
people in the labor force who are unemployed |
|
|
