{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

Macro - Objectives Flashcards

(14 cards)

1
Q

Cyclical Unemployment

A

Demand-Deficient
Lack or reduced AD forces firms to fire people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Stagflation

A

State of an economy when it experiences high unemployment and high inflation
Caused by a fall in SRAS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Frictional Unemployment

A

When people are between jobs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Seasonal Unemployment

A

When people do jobs only required at specific times of the year e.g Christmas time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Structural Unemployment

A

When there is a mismatch between S+D for a particular set of skills
1. When firm moves people won’t move with it
2. Market moves on from certain products e.g advances in technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Costs of unemployment

A

Loss of GDP
Loss of tax revenue
Increased cost of unemployment benefits
Loss of income for individuals
Greater income inequality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Personal costs of unemployment

A

Increased indebtedness, homelessness and family breakdown
Increased stress

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Social costs of unemployment

A

Increased crime
Increased risks to health

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

3 major economic goals

A

Promote economic growth
Limit Unemployment
Keep prices stable (limit inflation)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Inflation

A

Rising general level of prices
Reduces purchasing power of money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Consumer Price Index

A

Most commonly used measurement of inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Causes of inflation

A
  1. Gov printing too much money (hyperinflation)
  2. Demand - pull inflation
  3. Cost - push inflation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Demand-Pull Inflation

A

Demand pulls up prices
Overheated economy with excessive spending but same amount of goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Cost-push Inflation

A

Higher production costs increase prices
Negative supply shock increases costs of production and forces producers to increase prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly