Term
| list the ways that productivety can increase |
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Definition
more workers more capital higher educated workers more sophisticated machines |
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Term
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Definition
| the growth rate of the output of the entire economy |
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Term
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Definition
| the growth rate of output per person in the economy |
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Term
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Definition
| the growth rate of output per worker |
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Term
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Definition
real GDP declines for at least two quarters falling output and rising unemployement |
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Term
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Definition
| prolonged and deep recession |
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Term
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Definition
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Term
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Definition
unemployed _____________________ employed + unemployed (labor force) ex. 7.485 unemployed __________________ = 5.0% 141.638 employed + 7.485 |
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Term
| discouraged worker effect |
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Definition
| decline in unemployement due to ppl who cant find jobs so they give up thus dropping out of the labor force |
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Term
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Definition
unemployement due to the normal working of the labor market innevitable |
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Term
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Definition
unemployement due to changes in the structure of the economy that results in the loss of jobs in a certain industry ex. someone loses their job because their skills become obsolete |
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Term
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Definition
| unemployement that occurs during a recession or depression |
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Term
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Definition
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Term
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Definition
| decline in the price level |
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Term
| consumer price index (CPI) |
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Definition
price index that is meant to represent the "market basket" purchased monthly by the typical urban consumer. % change in CPI is calculated by [(year2 - year1)/year1] X 100 ex [ (40.5 - 38.8) / 38.8 ] X 100 |
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Term
| producer price indexes (PPIs) |
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Definition
| measure of prices that producers receive for products at all stages in the production process |
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