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Wills econ

Term Sheet 7,4-7.6

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
Quantity Theory
Wage Price Spiral
Fixed Income
Poverty Threshold
Poverty Rate
Income distribution
Lorenz Curve
Enterprise Zone
Block Grants
Cash Transfers
In-kind Benefits
Medical Benefits
Created by: msd321



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