Economic Challenges Chapter 13
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29 terms
Terms | Definitions |
|---|---|
 frictional unemployment | type of unempolyment that occurs when people take time to find a job |
| structural unempolyment | type of unempolyment that occurs when workers' skills do not match those needed for jobs available |
| globalization | the shift from local to gobal markets as countries seek foreign trade and investment |
| seasonal umempolyment | type of unempolyment that occurs as a result of harvest schedules, vacations, or industies make seasonal shifts in their production schedule |
| cyclical unempolyment | umempolyment that rises during economic downturns and fall when the economy inproves |
| unempolyment rate | the percentage of the nation's labor force that is unempolyed |
| full empolyment | the level of empolyment reached when there is no cyclical unempolyment |
| underempolyment | working at a job for which one is over-qualified or working part-time when full-time is desired |
| discouraged worker | someone who wants a job but has given up looking |
| inflation | a general increase in prices across an economy |
| purchasing power | the ability to purchase goods and services |
| price index | a measurment that shows how the average price of a standard group of goods change over time |
| Consumer Price Index | 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 |
| market basket | a representive collection of goods and services |
| inflation rate | the percentage rate of change in price level over time |
| core inflation rate | the rate of inflation excluding the effects of food and energy prices |
| hyperinflation | inflation that is out of control |
| quantity theory | the theory that too much money in the economy causes inflation |
| wage-price spiral | the process by which rising wages cause higher prices, and higher prices cause higher wages |
| fixed income | income that does not increase even when prices go up |
| deflation | a sustained drop in the price level |
| poverty threshold | the income level below which income is insufficient to support a family or household |
| poverty rate | the percentage of people who live in households with income below the official poverty threshold |
| income distribution | the way in which a nation's total income is distributed among its population |
| food stamp program | government program that helps low-income recipients to buy food |
| Lorenz Curve | the curve that illustrates income distribution |
| enterprise zone | area where businesses can locate free of certain state, local, and federal taxes and restrictions |
| block grants | federal funds given to the states in lump sums |
| workfare | a program requiring work in exchage for temporary government assistance |
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