Chapter 13 Flashcards Preview

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Flashcards in Chapter 13 Deck (11):
1

frictional unemployment

temporary unemployment of people changing jobs

2

underemployment

part-time workers who want to work full-time or people working below their skill level

3

seasonal unemployment

linked to seasonal work

4

cyclical unemployment

caused by part of the business cycle with decreased economic activity

5

poverty

the condition where a person’s income and resources do not allow him or her to achieve minimum standard of living

6

creeping inflation

moderate inflation over a period of time

7

galloping inflation

rapid increase

8

hyperinflation

over 50 percent per month

9

deflation

decrease in general price level, happens rarely

10

demand-pull inflation

total demand rises faster than production

11

cost-push inflation

increases in production costs push up prices