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Ch.13 Economics Vocabulary
a program requiring work in exchange for temporary assistance.
federal funds given to the states in lump sums.
area where companies can locate free of certain local, state, and federal taxes and restrictions.
the curve that illustrates income distribution.
government-issued coupons that recipients exchange for food.
how the nation's total income is distributed among its population.
the percentage of people who live in households with income below the official poverty line.
the income level below which income is insufficient to support a family or household.
a sustained drop in the price level.
income that does not increase even when prices go up.
the process by which rising wages cause higher prices, and higher prices cause higher wages.
theory that inflation occurs when producers raise prices in order to meet increased costs.
theory that inflation occurs when demand for goods and services exceeds existing supplies.
theory that too much money in the economy causes inflation.
inflation that is out of control.
core inflation rate
the rate of inflation excluding the effects of food and energy prices.
the percentage rate of change in price level over time.
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.
a measurement that shows how the average price of a standard group of goods changes over time.
the ability to purchase goods and services.
a general increase in prices.
a person who wants a job but has given up looking.
working at a job for which one is overqualified, or working part-time when full-time work is desired.
level of employment reached when there is no cyclical unemployment.
the percentage of the nation's labor force that is unemployed.
an official count of the population.
unemployment that rises during economic downturns and falls when the economy improves.
unemployment that occurs when workers' skills do not match the jobs that are available.
unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season.
unemployment that occurs when people take time to find a job.