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Economics Ch. 14
Chapter 14
| Question | Answer |
|---|---|
| Business Cycle | Changes in real GDP marked by periods of expansion |
| Business Fluctuation | The rise and fall of real GDP over time in a nonsystamtic manner. |
| Recession | 1st phase during which real GDP declines 2 quarters in a row, or 6 months |
| Peak | Point where real GDP stops going up |
| Through | Turnaround point where GDP stops going down |
| Expansion | A Period of recovery from a recession |
| Trend Line | A growth path the economy would follow if it were not interrupted by alternating periods of recession and recovery |
| Depression | A state of the economy with large numbers of people out of work, acute shortages, and excess capacity in manufacturing plants. |
| Depression Scrip | Currency issued by towns, chambers of commerce, and other civic bodies during the Great Depression of the 1930s |
| Ecometric Model | A macroeconomic model that uses algebraic equations to describe how the economy behaves |
| Index Of Leading Indicators | A monthly statistical series that usually turns down before real GDP turns down, and turns up before GDP turns up. |
| Unemployed | People available for work who made a specific effort to find a job during the past month and who, during the most recent survey week, worked less than one hour for pay or profit. |
| Unemployment Rate | The number of unemployed individuals divided by the total number of persons in the civilian labor force. |
| Frictional Unemployment | Unemployment caused by workers who are between jobs for one reason or another. |
| Structural Unemployment | Unemployment that occurs when fundamental change in the operations of the economy reduces the demand for workers and their skills. |
| Cynical Unemployment | Unemployment directly related to swings in the business cycle. |
| Seasonal Unemployment | Unemployment resulting from changes in the weather or changes in demand for a certain products |
| Technological Unemployment | When workers with less skill, talent, or education are replaced by machines |
| Automation | Production with mechanical or other processes that reduce the need for workers |
| Price Level | Relative magnitude of prices at one point in time |
| Deflation | A decrease in the general price level |
| Creeping Inflation | Inflation in the range of 1 to 3 per year |
| Galloping inflation | A more intense form of inflation that can go as high as 100 ti 300 percent |
| Hyper Inflation | Inflation in the range of 500 percent a year and above. |
| Lorenz Curve | A curve that shows how much the actual distribution of income varies form and equal distribution |
| Poverty Guidelines | Annual dollar amounts used to evaluate the money income that families and unrelated individuals receive |
| Welfare | Economic and social programs that provide regular assistance from the government or private agencies |
| Food Stamps | Government issued coupons that can be redeemed for food. |
| Earned Income tax Credit | Provides federal tax credits and sometimes cash to low-income workers |
| Enterprise Zones | Areas where companies can locate free of some some local state, and federal tax laws and other operating restrictions |
| Workfare | A program that requires welfare recipients to exchange some of their labor for benifits |
| Negative Income Tax | A proposed type of tax that would make cash payments to certain groups below poverty line. |
| What are the 2 main phases of the business cycle? | Recession- where GDP decline Expansion- where it recovers from recession |
Created by:
jessicag
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