click below
click below
Normal Size Small Size show me how
12 ECON Vocab 14
study material for economics CH 14 vocab - Ponder
Term | Definition |
---|---|
unemployment rate | percent of people out of work divided by the total number of people in the civilian labor force |
Lorenz curve | curve that shows how much the actual distribution of income varies from an equal distribution |
galloping inflation | intense form of inflation that can go as high as 100 to 300 percent |
business cycle | systematic ups and downs of the real GDP |
enterprise zone | location where companies are free of certain local, state, and federal tax laws |
deflation | decrease in the general price level |
depression | state of the economy characterized by high unemployment, acute shortages, and excess production capacity |
technological unemployment | unemployment caused when machines replace people |
peak | point where real GDP stops going up |
Earned Income Tax Credits | can provide cash to low-income workers |
negative income tax | proposed type of tax that would make cash payments to certain groups who live below the poverty line |
trough | turnaround point where real GDP stops going down |
hyperinflation | inflation in the range of 500 percent a year and above |
seasonal unemployment | unemployment resulting from changes in the weather or changes in the demand for certain products |
recession | period during which real GDP declines for two quarters in a row or for six consecutive months creeping inflation |
welfare | economic and social programs that provide regular assistance to the needy |
index of leading indicators | monthly statistical series that anticipates changes to the real GDP |
structural unemployment | caused by a fundamental change in the operations of the economy |
poverty guidelines | annual dollar amounts used to determine whether people are living in poverty |
creeping inflation | inflation in the range of 1 to 3 percent per year |