EU4 - Macroeconomics Review

Front

What is GDP per capita?

Back

GDP divided by the population

Front

Unemployment occurs when: Someone wants a job but can't find work; Someone is able and willing to work but can't find a job; Someone is able to work but does not have employment; Work provided is not sufficient to meet the needs of workers

Back

Someone is able and willing to work but can't find a job

Front

Macroeconomics is the study of?

Back

The economy as a whole

Front

amount of deposits that banks are required to keep on hand

Back

reserve requirements

Front

interest rate that the Federal Reserve charges commercial banks for loans

Back

discount rate

Front

buying and selling of government securities in order to alter the supply of money

Back

open market operations

Front

A rise in the overall price level

Back

Inflation

Front

The HIGHEST Point in business cycle

Back

Peak

Front

When individuals lose jobs due to fall in aggregate demand, often during an economic recession.

Back

Cyclical Unemployment

Front

Individuals are unemployed due to a lack in skills that modern industries need, change in technology.

Back

Structural Unemployment