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Wills econ
Term Sheet 7,4-7.6
Question | Answer |
---|---|
Fictional Unemployment | the unemployment which exists in any economy due to people being in the process of moving from one job to another. |
Structional Unemployment | unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand. |
Globalization | the process by which businesses or other organizations develop international influence or start operating on an international scale. |
Seasonal Unemployment | when people are unemployed at particular times of the year when demand for labour is lower than usual. |
Cyclical Unemployment | unemployment that results when the overall demand for goods and services in an economy cannot support full employment. |
Unemployment Rate | the percentage of unemployed workers in the total labor force |
Full Employment | The condition in which people who are able and willing to work are employed |
Underemployed | ot having enough paid work or not doing work that makes full use of their skills and abilities. Over qualified. |
Discouraged Worker | as those: -who have given up looking for a job and are not counted as unemployed. ... |
Inflation | a general increase in prices and fall in the purchasing value of money. |
Purchasing Power | the financial ability to buy products and services. |
Price Index | a measurement that shows how the average price of a standard group of goods changes over time |
Consumer Price Index | an index of the cost of all goods and services to a typical consumer |
Market Basket | permanent set of goods and services that are bought and sold as staples in a functional economy. |
Inflation Rate | |
Hyperinflation | |
Quantity Theory | |
Wage Price Spiral | |
Fixed Income | |
Deflation | |
Poverty Threshold | |
Poverty Rate | |
Income distribution | |
Lorenz Curve | |
Enterprise Zone | |
Block Grants | |
Workfare | |
Cash Transfers | |
In-kind Benefits | |
Medical Benefits | |
Grant |