Econ test 726

Macroeconomics

• a measure of the average change over time in the prices paid by urban consumers for a specific market basket of consumer goods and services.

• 1. the total dollar value of all final goods and services produced in the country in a given time period.

• 1.  A nation's economic activity and health are measured using a collection of economic indicators. 

• 1. an increase in the price level in an economy over time

Gross Domestic Product (GDP)

• 1. the total dollar value of all final goods and services produced in the country in a given time period.

• a measure of the average change over time in the prices paid by urban consumers for a specific market basket of consumer goods and services.

• 1.  A nation's economic activity and health are measured using a collection of economic indicators. 

• 1. calculated as a percentage of the labor force that is not employed and is actively seeking work. 

Consumer Price Index (CPI)

• 1. an increase in the price level in an economy over time

• 1. a measure of the average change over time in the prices paid by urban consumers for a specific market basket of consumer goods and services.

• 1. calculated as a percentage of the labor force that is not employed and is actively seeking work. 

• 1.  the total dollar value of all final goods and services produced in the country in a given time period.

Inflation

•  A nation's economic activity and health are measured using a collection of economic indicators.

• the total dollar value of all final goods and services produced in the country in a given time period.

• 1. calculated as a percentage of the labor force that is not employed and is actively seeking work. 

• 1. an increase in the price level in an economy over time

Unemployment Rate

•  A nation's economic activity and health are measured using a collection of economic indicators.

• 1. calculated as a percentage of the labor force that is not employed and is actively seeking work. 

• 1. a measure of the average change over time in the prices paid by urban consumers for a specific market basket of consumer goods and services.

• the total dollar value of all final goods and services produced in the country in a given time period.

Seasonal Unemployment

• 1. results from a mismatch of the labor supply and the labor market. 

• 1. results from workers moving between jobs or waiting for jobs to start. 

• 1. a downturn in overall economic activity. As the economy recovers, the jobs will return. 

• 1. related to the irregular demand for some types of workers. 

Cyclical Unemployment

• 1. a downturn in overall economic activity. As the economy recovers, the jobs will return. 

• 1. related to the irregular demand for some types of workers. 

• 1. a stylized way to look at changing economic activity over time. 

• results from a mismatch of the labor supply and the labor market.

Frictional Unemployment

• 1. related to the irregular demand for some types of workers. 

• 1. results from workers moving between jobs or waiting for jobs to start. 

• 1. a downturn in overall economic activity. As the economy recovers, the jobs will return. 

• 1.  a stylized way to look at changing economic activity over time. 

Structural Unemployment

• 1. a downturn in overall economic activity. As the economy recovers, the jobs will return. 

• 1. results from workers moving between jobs or waiting for jobs to start. 

• 1. a stylized way to look at changing economic activity over time. 

• results from a mismatch of the labor supply and the labor market.

Business Cycle

• 1. results from a mismatch of the labor supply and the labor market. 

• 1.  a stylized way to look at changing economic activity over time. 

• 1. a downturn in overall economic activity. As the economy recovers, the jobs will return. 

• 1. related to the irregular demand for some types of workers.