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Econ Chap6

QuestionAnswer
Microeconomics the part of the discipline of economics that deals with individual markets and firms.
macroeconomics the part of the discipline of economics that deals with the economy as a whole
Gross domestic product (GDP) the dollar value of all the goods and services produced for final sale in the US in a year
Market basket goods that average people buy and they quantities they buy them in
base year year to which all other prices are compared
price of the market basket in the base year national average of the total cost of the market basket
price index a device that centers the price of the market baseket around 100
consumer price index (CPI) the price based on what average consumers buy
inflation rate the percentage increase in the consumer price index
cost-of-living adjustment a device that compensates people for the fact that changes in inflation change the spending power of their income
chain-based index a price index based on an annually adjusted market basket
GDP deflator the price index used to adjust GDP for inflation, including all goods rather than a market basket
real gross domestic product an inflration-adjusted measure of GDP
work-force all those nonmilitary personnel who are over 17 and are employed or are employed and actively seeking employment
umemployment rate the percentage of people in the work force who do not have jobs and are actively seeking them
unemployment the state of working significantly below skill level or working fewer hours than desired
discouraged-worker effect bad news induces people to stop looking for work, causing the unemployment rate to fall
encouraged-worker effect good news induces people to start looking for work, causing the unemployment rate to rise (until they succeed in finding work)
cyclical unemployment state that exists when people lose their jobs because of a temporary downturn in the economy
seasonal unemployment state that exists when people lose their jobs predictably every year at the same time
structural unemployment state that exists when people lose their jobs because of a change in the economy that makes their particular skill obsolete.
frictional unemployment short-term unemployment during a transition to an equal or better job
business cycle regular pattern of ups and down in the economy
trough the lowest point in the business cycle
recovery the part of the growth period of the business cycle from the trough to the previous peak
expansion the part of the growth period of the business cycle from the previous peak to the new peak
peak the highest point in the business cycle
recession the declining period of at least two consecutive quarters in the business cycle
depression severe recession typically resulting in a financial panic and bank closures, unemployment rates exceeding 20 percent, prolonged retrenchment in RGDP on the magnitude of 10 percent or more, and significant deflation
Created by: audmid