Ch.13 Economics Vocabulary

31 terms by ladyelks2010

Create a new folder

Advertisement Upgrade to remove ads

workfare

a program requiring work in exchange for temporary assistance.

block grant

federal funds given to the states in lump sums.

enterprise zone

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

Lorenz Curve

the curve that illustrates income distribution.

food stamps

government-issued coupons that recipients exchange for food.

income distribution

how the nation's total income is distributed among its population.

poverty rate

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

poverty threshold

the income level below which income is insufficient to support a family or household.

deflation

a sustained drop in the price level.

fixed income

income that does not increase even when prices go up.

wage-price spiral

the process by which rising wages cause higher prices, and higher prices cause higher wages.

cost-push theory

theory that inflation occurs when producers raise prices in order to meet increased costs.

demand-pull theory

theory that inflation occurs when demand for goods and services exceeds existing supplies.

quantity theory

theory that too much money in the economy causes inflation.

hyperinflation

inflation that is out of control.

core inflation rate

the rate of inflation excluding the effects of food and energy prices.

inflation rate

the percentage rate of change in price level over time.

market basket

a representative collection of goods and services.

Consumer Price Index (CPI)

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

price index

a measurement that shows how the average price of a standard group of goods changes over time.

purchasing power

the ability to purchase goods and services.

inflation

a general increase in prices.

discouraged worker

a person who wants a job but has given up looking.

underemployed

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

full employment

level of employment reached when there is no cyclical unemployment.

unemployment rate

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

census

an official count of the population.

cyclical unemployment

unemployment that rises during economic downturns and falls when the economy improves.

structural employment

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

seasonal unemployment

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

frictional unemployment

unemployment that occurs when people take time to find a job.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set