Term
|
Definition
| those 16 years of age and older who are either working or looking for work |
|
|
Term
|
Definition
| the number of unemployed as a percentage of the labor force |
|
|
Term
|
Definition
| those who drop out of the labor force in frustration because they can't find work |
|
|
Term
| labor force participation rate |
|
Definition
| the labor force as a percentage of the adult population |
|
|
Term
|
Definition
| unemployment that occurs because job seekers and employers need time to find each other |
|
|
Term
|
Definition
| unemployment caused by seasonal changes in the demand for certain kinds of labor |
|
|
Term
|
Definition
| unemployment because (1) the skills demanded by employers do not match those of the unemployed, or (2) the unemployed do not live where the jobs are |
|
|
Term
|
Definition
| unemployment that fluctuates with the business cycle, increasing during contractions and decreasing during expansions |
|
|
Term
|
Definition
| employment level when there is no cyclical unemployment |
|
|
Term
|
Definition
| cash transfers to those who lose their jobs and actively seek employment |
|
|
Term
|
Definition
| workers are overqualified for their jobs or work fewer hours than they would prefer |
|
|
Term
|
Definition
| a very high rate of inflation |
|
|
Term
|
Definition
| a sustained decrease in the price level |
|
|
Term
|
Definition
| a reduction in the rate of inflation |
|
|
Term
|
Definition
| a sustained rise in the price level caused by a rightward shift of the aggregate demand curve |
|
|
Term
|
Definition
| a sustained rise in the price level caused by a rightward shift of the aggregate demand curve |
|
|
Term
|
Definition
| a sustained rise in the price level caused by a leftward shift of the aggregate supply curve |
|
|
Term
|
Definition
| the dollar amount paid by borrowers to lenders |
|
|
Term
|
Definition
| interest per year as a percentage of the amount loaded |
|
|
Term
|
Definition
| the interest rate expressed in dollars of current value (that is, not adjusted for inflation) as a percent of the amount loaned; the interest rate specified on the loan agreement |
|
|
Term
|
Definition
| the interest rate expressed in dollars of constant purchasing power as a percentage of the amount loaned; the nominal interest rate minus the inflation rate |
|
|
Term
|
Definition
| cost-of-living adjustment; an increase in a transfer payment or wage that is tied to the increase in the price level |
|
|
