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Economics 201 Ch 4
Principles of Economics Ch 4
| Question | Answer |
|---|---|
| Three macroeconomic goals that societies wish to achieve are: | 1. Price level stability 2. Full employment 3. Economic growth |
| Inflation | An increase in the price. |
| The price level in the economy is measured by constructing a? | Price Index |
| Nominal Value/(Nominal Price Index / Price Index Adjusted to) | Real Value |
| Basic economic problem. | Scarcity |
| Basic goal in dealing with the problem of scarcity. | To produce as much consumer satisfaction as possible with the limited resources available. |
| The goal for unemployment rate is to achieve... | Full employment (or natural unemployment) |
| Those 16 years old or older are classified into one of three categories: | 1. Employed 2. Unemployed 3. Not in the labor force |
| Employed | Those with paying jobs. |
| Unemployed | Those without paying jobs who are actively seeking employment. |
| Labor Force = | Employed + Unemployed |
| Unemployment Rate = | Unemployed / Labor Force |
| Three types of unemployment: | 1. Frictional unemployment 2. Structural unemployment 3. Cyclical unemployment |
| Frictional Unemployment | Time required to match workers with jobs. |
| Structural Unemployment | Workers do not have the skills required in the available jobs. |
| Natural Unemployment Rate | The lowest unemployment rate can be sustained without causing inflation. |
| Cyclical Unemployment | Downturns in the business cycle. |
| Technological Advance | Ability to produce more output per resource. |
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