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Econ chapter 13 Voca
Chapter 13
| definition | term |
|---|---|
| increase in the general level of prices of goods and services | inflation |
| unemployment caused by technological developments or automation that makes some workers' skills obsolete | technological |
| year serving as point of comparison for other years in a price index or other statistical measure | base |
| difference between what the economy can and does produce | GDP gap |
| explanation that prices rise because all sectors of the economy try to buy more goods and services than the economy can produce | demand-pull-inflation |
| series used to measure price changes for a representative sample of frequently used consumer items | consumer price index |
| unemployment caused by annual changes in the weather or other conditions that reduce the demand for jobs | seasonal |
| unemployment directly related to swings in the business cycle | cyclical |
| statistical series used to measure changes in the price level over time | price index |
| period of slow economic growth coupled with inflation | stagflation |
| unemployment involving workers changing jobs or waiting to go to new ones | frictional |
| decrease in the general level of prices for goods and services | deflation |
| representative selection of goods and services used to compile a price index | market basket |
| unofficial statistic that is the sum of the monthly inflation and unemployment rates | misery index |
| unemployment caused by a fundamental change in the economy that reduces the demand for some workers | structural |
| index used to measure prices received by domestic producers | producer price index |
| working for less than one hour per week for pay or profit in a non family owned business while being available and having made an effort to find a job during the past month | unemployed |
| percentage of people in the civilian labor force who are classified as unemployed | unemployment rate |
| unofficial statistic that is the sum of the monthly inflation and unemployment rates | discomfort index |
| relatively low rate of inflation usually 1 to 3 percent annually | creeping inflation |
| inflation in excess of 500 percent per year | hyperinflation |
| non institutionalized part of the population aged 16 and over either working or looking for a job | civilian labor force |
| hiring outside firms to perform non core operations to lower operating costs | outsourcing |
| explanation that risen input costs especially energy and organized labor drive up prices of products | cost push inflation |
| index used to measure price changes in GDP | implicit GDP price deflater |
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