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Economics
Ch.14
| Question | Answer |
|---|---|
| Largely systematic ups and downs of real GDP | Business cycle |
| The rise and fall of real GDP overtime in a non-systematic manner | Business fluctuations |
| A period during which real GDP declines for two quarters in a row, or six consecutive months | Recession |
| The point where real GDP stops going up | Peak |
| The turnaround point where real GDP stops going down | Trough |
| A period of recovery from a recession | Expansion |
| If Periods of recession and expansion did not occur, the economy would follow a steady growth path | Trend Line |
| A state of the economy with large numbers of people out of work | Depression |
| Printing their own money | Depression Scrip |
| A macroeconomic model that uses algebraic equations to describe how the economy behaves | Econometric Model |
| A monthly statistical series that usually turns down before real GDP turns down, and turns up before real GDP turns up | Index of leading indicators |
| 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 | Unemployed |
| The number of unemployed individuals divided by the total number of persons in the civilian labor force | Unemployment Rate |
| Unemployment caused by workers who are between jobs for one reason or another | Frictional Unemployment |
| Unemployment that occurs when a fundamental change in the operations of the economy reduces the demand for workers and their skills | Structural Unemployment |
| Unemployment directly related to swings in the business cycle | Cyclical Unemployment |
| Unemployment resulting from changes in the weather or changes in the demand for certain products | Seasonal Unemployment |
| Unemployment caused when workers with less skills, talent, or education are replaced by machines and other equipment that do their jobs | Technological Unemployment |
| Production with mechanical or other processes that reduce the need for workers | Auto-motion |
| The relative magnitude of prices at one point in time | Price Level |
| A decrease in the general price level | Deflation |
| Inflation in the range of 1 to 3 percent per year | Creeping Inflation |
| A more intense form of inflation that can go as high as 100 to 300 percent | Galloping Inflation |
| Inflation in the range of 500% a year and above | Hyperinflation |
| A curve that shows how much the actual distribution of income varies from an equal distribution | Lorenz Curve |
| Annual dollar amounts used to evaluate the money income that families and unrelated individuals receive | Poverty Guidelines |
| Economic and social programs that provide regular assistance from the government or private agencies because of need | Welfare |
| Government issued coupons that can be redeemed for food | Food Stamps |
| Provides federal tax credits and sometimes cash to low income workers | Earned Income Tax Credit(EITC) |
| Areas where companies can locate free of some local, state, federal tax laws and other operating restrictions | Enterprise Zones |
| A program that requires welfare recipients to exchange some of their labor for benefits | Workfare |
| A proposed type of tax that would make cash payments to certain groups below the poverty line | Negative Income Tax |
Created by:
mdave6
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