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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…
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…
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
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
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…
27 terms
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…
35 terms
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…
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…
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…
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…
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…
7 terms
Chapter 13 - The objectives of economic policy
Quality of Life
The non-accelerating inflation of unem…
Current account
Balance of payments
refers to overall wellbeing of individuals within a country a…
refers to the level of unemployment at which there is no cycl…
is the part of the balance of payments that shows the receipt…
is the record of the transactions between Australia and the r…
Quality of Life
refers to overall wellbeing of individuals within a country a…
The non-accelerating inflation of unem…
refers to the level of unemployment at which there is no cycl…
31 terms
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…
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…
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…
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.
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…
25 terms
Chapter 13 - Economics
The aggregate demand curve shows the r…
The aggregate supply curve shows the r…
The economy is in long-run equilibrium:
The economy is in short-run equilibrium:
price level
price level
when the AD and AS curves intersect at potential output Y*
when the AD and AS curves intersect at a level of real GDP th…
The aggregate demand curve shows the r…
price level
The aggregate supply curve shows the r…
price level
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
50 terms
Economics: Principles and Practice | Chapter 13
business cycle
business fluctuation
recession
peak
systematic changes in real GDP marked by alternating periods…
changes in real GDP marked by alternating periods of expansio…
decline in real GDP lasting at least two quarters or more
point in time when real GDP stops expanding and begins to dec…
business cycle
systematic changes in real GDP marked by alternating periods…
business fluctuation
changes in real GDP marked by alternating periods of expansio…
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…
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…
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…
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.
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…
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…
14 terms
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
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…
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
chapter 13 vocabulary economics
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 th…
Actions or processes that involve the entire world and result…
unemployment that occurs as a result of harvest schedules or…
Frictional Unemployment
A type of unemployment caused by workers voluntarily changing…
Structural Unemployment
unemployment that occurs when workers' skills do not match th…
25 terms
Economics chapter 13
Leakages
Injections
2 Sector Circular Flow Model Of Income
5 Sector Circular Flow Model Of Income
1. Savings... 2. Imports... 3. Taxes
1. Investments... 2. Government spending... 3. Exports
Leakages
1. Savings... 2. Imports... 3. Taxes
Injections
1. Investments... 2. Government spending... 3. Exports
24 terms
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…
19 terms
Economics Chapter 13
Economic Indicators
Gross Domestic Product
final good
intermediate good
statistics that help economists judge the health of an economy
the market value of all final goods and services produced wit…
any new good that is ready for consumer use; included in the…
a good used in the production of a final good; NOT included i…
Economic Indicators
statistics that help economists judge the health of an economy
Gross Domestic Product
the market value of all final goods and services produced wit…
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
23 terms
Shores of Hope- Economics - Chapter 13
Frictional unemployment
Seasonal unemployment
Structural unemployment
Cyclical unemployment
When people take time to find a job.
Employment as a result of harvest schedules. For example, fie…
When workers kills do not match the jobs that are available.
Unemployment that rises during economic downturns and falls w…
Frictional unemployment
When people take time to find a job.
Seasonal unemployment
Employment as a result of harvest schedules. For example, fie…
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)…
18 terms
Chapter 13 Economics
Globalism
UN
IMF
WTO
A philosophy which regards the entire world as one giant comm…
United Nations
International Monetary Fund
World Trade Organization
Globalism
A philosophy which regards the entire world as one giant comm…
UN
United Nations
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…
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…
10 terms
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…
25 terms
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…
14 terms
BJU Economics Chapter 13
Business Cycle
Expansion Phase
Peak Phase
Recession Phase
Consists of alternating phases when the real GDP rises and fa…
During this time the nation's GDP rises, the number of availa…
The halt of rapid expansion. Caused by limited raw materials,…
Six months of declining real GDP.
Business Cycle
Consists of alternating phases when the real GDP rises and fa…
Expansion Phase
During this time the nation's GDP rises, the number of availa…
9 terms
Economics Chapter 13 - 15
Discouraged Workers
Unemployment Rate
Poverty
Prosperity, Recession, Depression, Rec…
People who wanted a job but quit looking.
Percentage of workers from 16 years old, not in school, who a…
Not having enough money for the basic needs of life.
Four basic phases of the business cycle.
Discouraged Workers
People who wanted a job but quit looking.
Unemployment Rate
Percentage of workers from 16 years old, not in school, who a…
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
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
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