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Econ chapter 13 Voca

Chapter 13

definitionterm
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
Created by: 18grabpai