Economic Performance Flashcards
(19 cards)
What is short run economic growth?
Short run growth is the percentage increase in a countries RGDP usually measured annually, caused by increases in AD or SRAS.
What is long run economic growth?
Occurs when the productive capacity of the economy increases (LRAS)
What are the unemployed?
The unemployed are those of working age, willing and able to work and actively seeking work but cannot find a job.
What is voluntary unemployment?
Voluntary unemployment occurs when individuals are unemployed because they choose not to work, even if there are job opportunities available.
What is involuntary unemployment?
Where there are unemployed workers, but the market is not providing enough jobs for those who want to work at current wage rates.
What is seasonal unemployment?
A type of unemployment that occurs when people are temporarilt out of work due to the seasonal nature of certain industries or jobs.
What is frictional unemployment?
A type of short-term, voluntary unemployment that occurs when people are switching between jobs or entering the workforce for the first time.
- It reflects te time and effort neened for workers to find a job that matches their skills, preferences and circumstances
What is structural unemployment?
What is cyclical unemployment?
What is real wage unemployment?
What is the natural rate of unemployment?
What is inflation?
What is deflation?
What is disinflation?
What is Fishers equation of exchange?
What is the Quantity theory of money?
What is the monetarist model?
Explain the short run phillips curve?
Explain the long run phillips surve?
