Study sets matching "economics chapter 13"

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Study sets matching "economics chapter 13"

29 terms
Chapter 13: Economic Challenges
frictional unemployment
structural unemployment
globalization
seasonal unemployment
A type of unemployment caused by workers voluntarily changing…
Unemployment that occurs when workers skills do not match the…
the shift from local to global markets as countries seek fore…
A type of unemployment that occurs when the demand for labor…
frictional unemployment
A type of unemployment caused by workers voluntarily changing…
structural unemployment
Unemployment that occurs when workers skills do not match the…
31 terms
Economics/Chapter 13 Terms
gross domestic product (GDP)
hyperinflation
infant mortality
inflation
the market value of all final goods and services produced wit…
an extreme and rapid rise in the price of goods and services.
the rate at which babies die during their first year of life;…
an increase in the overall price level of goods and services…
gross domestic product (GDP)
the market value of all final goods and services produced wit…
hyperinflation
an extreme and rapid rise in the price of goods and services.
14 terms
Economics- Chapter 13
unemployment rate
underemployed
full employment
frictional unemployment
the percentage of the labor force that is jobless and looking…
part-time workers who want to work full-time or people workin…
means no unemployment caused by decreased economic activity
temporary unemployment experienced by people changing jobs
unemployment rate
the percentage of the labor force that is jobless and looking…
underemployed
part-time workers who want to work full-time or people workin…
37 terms
Chapter 13 Economics
national income accounting
Gross Domestic Product
Net exports
depreciation
a measurement of the national economy's performance, dealing…
The total value of goods and services produced within the bor…
->Exports->Imports, Spending on domestically produced goods b…
Any decrease or loss in value caused by age, wear, or market…
national income accounting
a measurement of the national economy's performance, dealing…
Gross Domestic Product
The total value of goods and services produced within the bor…
29 terms
Chapter 13: Economic Challenges
frictional unemployment
structural unemployment
globalization
seasonal unemployment
A type of unemployment caused by workers voluntarily changing…
Unemployment that occurs when workers skills do not match the…
the shift from local to global markets as countries seek fore…
A type of unemployment that occurs when the demand for labor…
frictional unemployment
A type of unemployment caused by workers voluntarily changing…
structural unemployment
Unemployment that occurs when workers skills do not match the…
24 terms
Managerial Economics - Chapter 13
Monopolistic Competition
Oligopoly
High-Price/Low-Output Equilibrium
Low-Price/High-Output Equilibrium
A market structure characterized by a large number of sellers…
A market structure characterized by few sellers and interdepe…
In monopolistic competition, where differentiated products al…
In monopolistic competition, where entry of identical product…
Monopolistic Competition
A market structure characterized by a large number of sellers…
Oligopoly
A market structure characterized by few sellers and interdepe…
16 terms
JA Economics Chapter 13
Function of Money - Medium of Exchange
Function of Money - Measure of Value
Function of Money - Store of Value
Characteristics of Money - Stability
an means of trade for a good or service
indicates the price of a good or service
money will retains its worth (value) over time
value of money remains relatively even over time
Function of Money - Medium of Exchange
an means of trade for a good or service
Function of Money - Measure of Value
indicates the price of a good or service
54 terms
Macro Economics - Chapter 13
Aggregate demand
aggregate demand equaion:
All else being equal, increases in the…
Wealth is
is the spending side of the economy. When people spend on goo…
consumption (C), investment (I), government (G), and net expo…
decreases in the quantity of aggregate demand.
the value of one's accumulated assets.
Aggregate demand
is the spending side of the economy. When people spend on goo…
aggregate demand equaion:
consumption (C), investment (I), government (G), and net expo…
16 terms
Economics Chapter 13 Vocabulary
frictional unemployment
seasonal unemployment
structural unemployment
cyclical unemployment
unemployment that occurs when people take time to find a job.
unemployment that occurs as a result of harvest schedules or…
unemployment that occurs when workers' skills do not match th…
unemployment that rises during economic downturns and falls w…
frictional unemployment
unemployment that occurs when people take time to find a job.
seasonal unemployment
unemployment that occurs as a result of harvest schedules or…
Economics - Chapter 13 - Economic Challenges
frictional unemployment
seasonal unemployment
structural unemployment
cyclical unemployment
unemployment that occurs when people take time to find a job
unemployment that occurs as a result of harvest schedules or…
unemployment that occurs when workers' skills do not match th…
unemployment that rises during economic downturns and falls w…
frictional unemployment
unemployment that occurs when people take time to find a job
seasonal unemployment
unemployment that occurs as a result of harvest schedules or…
Economics Chapter 13 Review
chronic inflation
deflation
frictional unemployment
purchasing power
inflation that rises steadily from month to month over a long…
a sustained drop in the price level
what occurs when people take time to find a job
the ability to buy goods and services
chronic inflation
inflation that rises steadily from month to month over a long…
deflation
a sustained drop in the price level
27 terms
Economics Chapter 13
frictional unemployment
structural unemployment
globalization
seasonal unemployment
type of unemployment that occurs when people take time to fin…
type of unemployment that occurs when workers' skills do not…
the shift from local to gobal markets as countries seek forei…
type of unemployment that occurs as a result of harvest sched…
frictional unemployment
type of unemployment that occurs when people take time to fin…
structural unemployment
type of unemployment that occurs when workers' skills do not…
33 terms
Economics Chapter 13 Vocabulary
business cycles
recession
peak
trough
regular ups and downs of real GDP
a period during which real GDP usually declines for at least…
the point where real GDP stops going up
the turnaround point where real GDP stops going down
business cycles
regular ups and downs of real GDP
recession
a period during which real GDP usually declines for at least…
Economics Chapter 13
National Income Accounting
Gross Domestic Product (GPD)
Net Exports
Depreciation
Measurement of the national economy's performance, dealing wi…
Total dollar value of all final goods and services produced i…
Difference between what the nation sells to other countries a…
Loss of value because of wear and tear to durable goods and c…
National Income Accounting
Measurement of the national economy's performance, dealing wi…
Gross Domestic Product (GPD)
Total dollar value of all final goods and services produced i…
Chapter 13 Economics
frictional unemployment
seasonal unemployment
structural unemployment
cyclical unemployment
unemployment that occurs when people take time to find a job
unemployment that occurs as a result of harvest schedules or…
unemployment that occures when workers' skills do not match t…
unemployment that rises during economic downturns and falls w…
frictional unemployment
unemployment that occurs when people take time to find a job
seasonal unemployment
unemployment that occurs as a result of harvest schedules or…
47 terms
Chapter 13: Economic Instability
business cycles
recession
peak
trough
systematic changed in real GDP marked by alternating periods…
decline in real GDP lasting at least two quarters (6 months)…
point in time when real GDP stops expanding and begins to dec…
point in time when real GDP stops declining and begins to exp…
business cycles
systematic changed in real GDP marked by alternating periods…
recession
decline in real GDP lasting at least two quarters (6 months)…
29 terms
Economic Challenges Chapter 13
frictional unemployment
structural unempolyment
globalization
seasonal umempolyment
type of unempolyment that occurs when people take time to fin…
type of unempolyment that occurs when workers' skills do not…
the shift from local to gobal markets as countries seek forei…
type of unempolyment that occurs as a result of harvest sched…
frictional unemployment
type of unempolyment that occurs when people take time to fin…
structural unempolyment
type of unempolyment that occurs when workers' skills do not…
54 terms
Macro Economics - Chapter 13
Aggregate demand
aggregate demand equaion:
All else being equal, increases in the…
Wealth is
is the spending side of the economy. When people spend on goo…
consumption (C), investment (I), government (G), and net expo…
decreases in the quantity of aggregate demand.
the value of one's accumulated assets.
Aggregate demand
is the spending side of the economy. When people spend on goo…
aggregate demand equaion:
consumption (C), investment (I), government (G), and net expo…
21 terms
BJU Economics Chapter 13
Business Cycle
Expansion Phase
Peak Phase
Recession Phase
Consists of alternating phases when the real GDP rises and fa…
Phase when nation's GDP rises, the number of available jobs g…
Phase when prices reach their highest point - the halt of rap…
Phase consisting of six months of declining real GDP - phase…
Business Cycle
Consists of alternating phases when the real GDP rises and fa…
Expansion Phase
Phase when nation's GDP rises, the number of available jobs g…
16 terms
Holt Economics Chapter 13
Medium of exchange
Standard of value
Store of value
Commodity money
Any item that sellers accept as payment for goods and services
A way to measure the relative value of goods and services by…
A characteristic of a medium of exchange that allows it , and…
An item that has a value of its own and that also is used as…
Medium of exchange
Any item that sellers accept as payment for goods and services
Standard of value
A way to measure the relative value of goods and services by…
23 terms
Economics Chapter 13
liquidity
demand deposit
savings accounts
Certificate of deposit (CD)
refers to how quickly you can convert something to cash witho…
the money put into a checking account
accounts that you can withdraw money at any time, but do not…
a contract between an individual and the financial institutio…
liquidity
refers to how quickly you can convert something to cash witho…
demand deposit
the money put into a checking account
24 terms
Economics Chapter 13: Facing Economic Challenges
unemployment rate
underemployed
full employment
frictional unemployment
n. the percentage of the labor force that is jobless and acti…
n. people employed part-time who want to work full-time, or t…
n. a level of unemployment in which none of the unemployment…
n. the temporary unemployment of workers moving from one job…
unemployment rate
n. the percentage of the labor force that is jobless and acti…
underemployed
n. people employed part-time who want to work full-time, or t…
Chapter 13 Key Terms-Economics
Frictional unemployment
Seasonal unemployment
Structural unemployment
Cyclical unemployment
unemployment that occurs when people take time to find a job
occurs when industries slow or shut down for a season or make…
occurs when workers' skills do not match the jobs that are av…
unemployment that rises during economic downturns and falls w…
Frictional unemployment
unemployment that occurs when people take time to find a job
Seasonal unemployment
occurs when industries slow or shut down for a season or make…
34 terms
Chapter 13 Economics
What is the market value of all final…
How are the real and nominal GDP diffe…
Why is the unemployment rate above zer…
Why is the official unemployment rate…
Gross Domestic Product (GDP)
Real GDP is adjusted for inflation.
There are always some people in transition between jobs
Workers in the illegal or informal economy who do not report…
What is the market value of all final…
Gross Domestic Product (GDP)
How are the real and nominal GDP diffe…
Real GDP is adjusted for inflation.
24 terms
Sexton - Economics - Chapter 13: Facing Economic Challenges
unemployment rate
underemployed
full employment
frictional unemployment
the percentage of the nation's labor force that is employed
working at a job for which one is over-qualified, or working…
a level of unemployment in which none of the unemployment is…
unemployment that occurs when people take time to find a job
unemployment rate
the percentage of the nation's labor force that is employed
underemployed
working at a job for which one is over-qualified, or working…
29 terms
Economics Chapter 13
frictional unemployment
structural unemployment
globalization
seasonal unemployment
Type of unemployment that occurs when people take time to fin…
Type of unemployment that occurs when workers' skills do not…
The shift from local to global markets as countries seek fore…
Type of unemployment that occurs as a result of harvest sched…
frictional unemployment
Type of unemployment that occurs when people take time to fin…
structural unemployment
Type of unemployment that occurs when workers' skills do not…
9 terms
AP Economics: Chapter 13 - Money Creation
Balance Sheet
Fractional Reserve Banking System
Vault Cash
Required Reserves
statement of the assets, liabilities, and net worth of a firm…
banking system in which only a fraction of bank deposits are…
currency a bank has in its vault and cash drawers
funds that banks and thrifts must deposit with the Federal Re…
Balance Sheet
statement of the assets, liabilities, and net worth of a firm…
Fractional Reserve Banking System
banking system in which only a fraction of bank deposits are…
8 terms
Survey of Economics, Chapter 13
Bank Reserves
Deposit Creation
Excess Reserves
Money
assets held by a bank to fulfill its deposit obligations
the creation of transactions deposits by bank lending
bank reserves in excess of required reserves
anything generally accepted as a medium of exchange
Bank Reserves
assets held by a bank to fulfill its deposit obligations
Deposit Creation
the creation of transactions deposits by bank lending
13 terms
Chapter 13 Economic/Business Terms
Capitalism
Factors of Production
Horizontal Integration
Vertical Integration
An economic systems in which the means of production are priv…
These include the land, labor, and capital it takes to run a…
A business strategy in which you buy all of the businesses th…
A business strategy in which you buy all the steps in the pro…
Capitalism
An economic systems in which the means of production are priv…
Factors of Production
These include the land, labor, and capital it takes to run a…
31 terms
Economics/Chapter 13 Terms
gross domestic product (GDP)
hyperinflation
infant mortality
inflation
the market value of all final goods and services produced wit…
an extreme and rapid rise in the price of goods and services.
the rate at which babies die during their first year of life;…
an increase in the overall price level of goods and services…
gross domestic product (GDP)
the market value of all final goods and services produced wit…
hyperinflation
an extreme and rapid rise in the price of goods and services.
7 terms
Economics Chapter 13
positive rate of time preference
interest rate
expected rate of return on capital
loan-able funds market
consumers value present consumption more than future consumpt…
interest per year as a percentage of the amount saved or borr…
the expected annual earnings divided by capital's purchase pr…
the market in which savers and borrowers come together to det…
positive rate of time preference
consumers value present consumption more than future consumpt…
interest rate
interest per year as a percentage of the amount saved or borr…
Consumer Economics Chapter 13
Bull Market
Bear Market
Pig in the Market
Chicken in the Market
People are willing to invest... Future is believed to be good... Va…
People are pessimistic... Apprehensive about the future... Unwillin…
an investor who is willing to take large risks in hopes of wi…
an investor who doesn't take risks, sell stock the instant it…
Bull Market
People are willing to invest... Future is believed to be good... Va…
Bear Market
People are pessimistic... Apprehensive about the future... Unwillin…
Economics Chapter 13
Unemployment Rate
Underemployed
Full Employment
Frictional Unemployment
The percentage of the labor force that is jobless and activel…
Those who work part-time when they want full-time employment…
A level of unemployment in which none of the unemployment is…
Temporary unemployment experienced by people changing jobs.
Unemployment Rate
The percentage of the labor force that is jobless and activel…
Underemployed
Those who work part-time when they want full-time employment…
40 terms
Chapter 13 Economics
business cycles
business fluctuations
recession
peak
regular increases and decreases in real GDP
irregular increases and decreases in real GDP
decline in real GDP lasting at least two quarters
point in time when real GDP stops and expanding and begins to…
business cycles
regular increases and decreases in real GDP
business fluctuations
irregular increases and decreases in real GDP
16 terms
Economics Chapter 13
Unemployment
Measuring Unemployment
Underemployment
Discouraged workers
Four types:... Frictional- people quit one job to find another.…
Census Bureau & BLS compile data. Full unemployment is 3-5% i…
Have a higher skill set than the job they currently have
People who just don't want to look for a job
Unemployment
Four types:... Frictional- people quit one job to find another.…
Measuring Unemployment
Census Bureau & BLS compile data. Full unemployment is 3-5% i…
31 terms
Chapter 13 Unemployment (Economics)
Frictional Unemployment
Seasonal Unemployment
Structural Unemployment
Cyclical Unemployment
Unemployment that occurs when people take time to find a job.
Unemployment that occurs as a result of harvest schedules or…
Unemployment the occurs when you have job skills that do not…
Unemployment that rises during economic downturns and falls w…
Frictional Unemployment
Unemployment that occurs when people take time to find a job.
Seasonal Unemployment
Unemployment that occurs as a result of harvest schedules or…
22 terms
Chapter 13 Contemporary Economics
full employment
underemployment
labor force
unemployment rate
when there is no cyclical unemployment; relatively low unempl…
workers are overqualified for their jobs or work fewer hours…
those in the adult population who are either working or looki…
equals the number unemployed divided by the number in the lab…
full employment
when there is no cyclical unemployment; relatively low unempl…
underemployment
workers are overqualified for their jobs or work fewer hours…
Economics Chapter 13
Gross Domestic Product
Real GDP
Leading Indicators
Productivity Growth
Total value of all financial goods and services produced with…
Value of a nation's Gross domestic product after it has been…
Set of economic factors that anticipate the expansions and co…
Increased output per worker, per hour worked
Gross Domestic Product
Total value of all financial goods and services produced with…
Real GDP
Value of a nation's Gross domestic product after it has been…
21 terms
Coach Camp: Economics Chapter 13 Economic Performance
gross domestic product (GDP)
national income accounting
National Income and Product Accounts (…
intermediate goods, secondhand sales,…
the dollar amount of all final goods and services produced wi…
a system of statistics and accounts that keeps track of produ…
like a statistical road map that tells Americans where they a…
excluded from the GDP
gross domestic product (GDP)
the dollar amount of all final goods and services produced wi…
national income accounting
a system of statistics and accounts that keeps track of produ…
chapter 13: Economics
economics
needs
wants
factors of production
the study of how we make the best possible use of scarce reso…
essential items we require to survive
items we would like to have in addition to our needs
the resources that help to produce a product or provide a ser…
economics
the study of how we make the best possible use of scarce reso…
needs
essential items we require to survive
22 terms
Economics - Chapter 13
industrial organization
total revenue
total cost (TC)
profit
The study of how firms' decisions about prices and quantities…
The amount a firm receives for the sale of its output.
The market value of the inputs a firm uses in production.... -In…
Total revenue - Total cost
industrial organization
The study of how firms' decisions about prices and quantities…
total revenue
The amount a firm receives for the sale of its output.
28 terms
Explorations in Economics Chapter 13
gross domestic product (GDP)
final good or service
intermediate product
investment
total dollar value of all final goods and services produced i…
good or service purchased by consumers for personal use, not…
a product that becomes part of some final good or service, or…
business spending on physical capital, new homes, and invento…
gross domestic product (GDP)
total dollar value of all final goods and services produced i…
final good or service
good or service purchased by consumers for personal use, not…
25 terms
Economics Chapter 13 vocab
Medium of exchange
Unit of account
Store of value
M1,M2,M3
medium used for buying and selling goods and services.(money)
Unit for measuring the relative worth of a variety of goods s…
Enables people to transfer purchasing power from the present…
M1: The narrowest definition of the US money supply it consis…
Medium of exchange
medium used for buying and selling goods and services.(money)
Unit of account
Unit for measuring the relative worth of a variety of goods s…
13 terms
Economics: Chapter 13
Monopolist
Monopoly
Market Power
Barrier to entry
a firm that is the only producer of a good that has no close…
An industry controlled by a monopolist.
the ability of a firm to raise prices.
something that prevents other firms from entering the industry.
Monopolist
a firm that is the only producer of a good that has no close…
Monopoly
An industry controlled by a monopolist.
18 terms
Chapter 13- Economics
budget deficit
budget surplus
built-in stabilizer
contractionary fiscal policy
the amount by which expenditures exceed revenues in any year
the amount by which the revenues of the federal government ex…
a mechanism that increases government's budget deficit (or re…
a decrease in government purchases of goods and services, an…
budget deficit
the amount by which expenditures exceed revenues in any year
budget surplus
the amount by which the revenues of the federal government ex…
Economics Chapter 13
Underemployed
Frictional unemployment
Seasonal unemployment
Structural unemployment
Working a job below our skill level
Temporary unemployment experienced by changing jobs
Unemployment linked to seasonal work
A situation where jobs exist but workers looking for work do…
Underemployed
Working a job below our skill level
Frictional unemployment
Temporary unemployment experienced by changing jobs
Economic Terms - Chapter 13
globalism
United Nations (UN)
Security Council
Economic and Social Council
a philosophy which regards the entire world as one giant comm…
a global organization whose original purpose was the promotio…
agency of the UN, composed of fie permanent and ten elected m…
agency of the UN whose duties are to study economic and socia…
globalism
a philosophy which regards the entire world as one giant comm…
United Nations (UN)
a global organization whose original purpose was the promotio…
Economics- Chapter 13
unemployment rate
underemployed
full employment
frictional unemployment
percent of labor force jobless and looking for work
work part-time but want full-time or work below skill level
no employment caused by decreased economic activity
experienced by people changing jobs... -considered normal; not a…
unemployment rate
percent of labor force jobless and looking for work
underemployed
work part-time but want full-time or work below skill level
20 terms
Economics Vocabulary Chapter 13
total revenue
total cost
profit
explicit costs
the amount a firm receives for the sale of its output
the market value of the inputs a firm uses in production
total revenue minus total cost
input costs that require an outlay of money by the firm
total revenue
the amount a firm receives for the sale of its output
total cost
the market value of the inputs a firm uses in production
31 terms
Chapter 13 economics vocabulary
frictional unemployment
seasonal unemployment
structural unemployment
cyclical unemployment
unemployment that occurs when people take time to find a job
unemployment that occurs as a result of harvest schedules or…
unemployment that occurs when workers' skills do not match th…
unemployment that rises during economic downturns and fells w…
frictional unemployment
unemployment that occurs when people take time to find a job
seasonal unemployment
unemployment that occurs as a result of harvest schedules or…
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