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Economics 201 Ch 4

Principles of Economics Ch 4

QuestionAnswer
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.
Created by: dengler
 

 



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