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Definition
| Occurs when people change jobs, get laid off from their current job, take some time to find the right job after they finish their schooling, or take tie off fro working for a variety of other reasons. |
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Term
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Definition
| Occurs when workers' skills don't match the jobs availiable. Technological advances are one cause of structural unemployment. |
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| Occurs when industries slow or shut down for a season or make seasonal shifts in their production schedules. |
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Term
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Definition
| Unemployment that rises during economic downturns and falls when the economy improves. |
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Term
| Who is in charge of the unemployment rate? |
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Definition
| Bureau of Labor Statistics |
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Term
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Definition
| the percentage of the nation's labor force that is unemployed. |
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Definition
| the level of employment reached when there is no cyclical unemployment |
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Definition
| people who want a job, but have given up on looking for one |
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Definition
| working a job for which they are over qualified or working part-time when they desire full-time |
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Definition
| a general increase in prices |
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Term
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Definition
| the ability to purchase goods and services |
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Term
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Definition
| the relative cost of goods and services in the entire economy at a given point in time |
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Term
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Definition
| a measurement that shows how the average price of a standard group of goods changes over time |
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Term
| Consumer Price Index (CPI) |
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Definition
| computed each month by the Bureau of Labor Statistics; determined by measuring the price of a standard group of goods meant to represent the typical "market basket" of an urban consumer |
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Term
| What helps economists measure the inflation rate? |
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Definition
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Term
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Definition
| the percentage change in price level over time |
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Term
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Definition
| too much money in circulation causes inflation |
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Term
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Definition
| inflation occurs when producers raise prices in order to meet increased costs |
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Term
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Definition
| rising wages causes higher prices, and higher prices cause higher wages |
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Term
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Definition
| inflation occurs when demand for goods and services exceeds existing supplies |
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Term
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Definition
| Purchasing Power, Interest Rates, Income |
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Term
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Definition
| a dollar won't buy the same amount of goods that it did in years past |
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Term
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Definition
| when a bank's interest rate matches the inflation rate, savers break even; when a bank's interest rates are lower then the inflation rate, savers lose money |
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Term
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Definition
| If wage increases match the inflation rate, a worker's real income stays the same. If it's a fixed income, the economic effects of inflation can be very harmful |
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Term
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Definition
| income that doesn't increase even when prices go up |
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Term
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Definition
| an income level below which income is unsufficient to support a family or household. |
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Definition
| the percentage of people in a particular group who live in households below the official poverty line |
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Term
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Definition
| lack of education; Location; shifts in family structure; economic shifts; racial and gender discrimination |
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Term
| government polices combating poverty |
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Definition
| employment assistance, welfare reform |
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