Chapter 13 Flashcards Preview

ECONOMICS Mid-Term '15 > Chapter 13 > Flashcards

Flashcards in Chapter 13 Deck (15):
0

Unemployment that occurs when people take time to find a job

Frictional Unemployment

1

Unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season

Seasonal Unemployment

2

Unemployment that occurs when workers' skills do not match the jobs that are available

Structural Unemployment

3

Unemployment that rises during economic downturns and falls when the economy improves

Cyclical Unemployment

4

The percentage of the nation's labor force that is unemployed

Unemployment rate

5

Working at a job for which one is overqualified, or working part-time when full-time work is desired

Underemployed

6

A general increase in prices

Inflation

7

A price index determined by measuring the price of a standard group of goods meant to represent the typical "market basket"

Consumer Price Index

8

The percentage rate of change in price level over time

Inflation Rate

9

The process by which rising wages cause higher prices and higher prices cause higher wages

Wage-Price Spiral

10

A sustained drop in the price level

Deflation

11

The percentage of people who live in households with income below the official poverty line

Poverty Rate

12

Area where companies can locate free of certain local, state, and federal taxes and restrictions

Enterprise Zone

13

Federal funds given to states in lump sums

Block Grand

14

A program requiring work in exchange for temporary assistance

Workfare