Unemployment and Crew
In the economy, the concept regarding the total number of 16+ aged adults who are willing & able to work, are looking for work, and have not yet found a job, is known as this.
What is Unemployment?
This type of unemployment comes from people pursuing new job opportunities.
What is Frictional Unemployment?
This occurs when the purchasing power of a dollar decreases over time (we experience this in real life all the time).
What is Inflation?
The Consumer Price Index = (Cost of Market Basket _____) / (Cost of Market Basket in the Base Year) x 100.
What is "today?"
Slide A -- The type of activity that is occurring here.
What is Expansion?
When you add the total number of *unemployed* and employed individuals, you get this!
What is the Labor Force?
This type of unemployment results when workers are 'forced' out of work due to changes in the structure of the economy. An example of this would be a factory worker losing his job to a robot.
What is Structural Unemployment?
This occurs when prices decrease in the economy over time... though it is rare.
What is Deflation?
Price Index values are always expressed as this, instead of as a percentage.
What is a whole number?
Slide B -- The type of activity that is occurring here.
What is Trough?
The equation of the Total Unemployed / Labor Force gets you this rate, displayed as a percentage.
What is the Unemployment Rate?
This type of unemployment occurs when business recessions occur, due to the 'business cycle.'
What is Cyclical Unemployment?
This is the value of money!
What is Purchasing Power?
If a Price Index is the number 100 for a given year, it means you're viewing this year.
What is the Base Year?
Slide C -- The type of activity that is occurring here.
What is Recession / Contraction?
When an individual currently doesn't have a job, BUT does not meet the criteria of being considered "unemployed," they are known as being this.
What is Not in the Labor Force?
These two types of unemployment consist of what is known as "natural unemployment."
What are Frictional and Structural Unemployment?
If I simply look at the $50 bill in my wallet as being worth the same $50 in 5 years, this 'dollar value' is being expressed.
What is Nominal Dollar Value?
This government bureau publishes the Consumer Price Index every month.
What is the Bureau of Labor Statistics?
Slide D -- The type of activity that is occurring here.
What is Peak?
These poor folks have stopped looking for work because they are convinced they will not find a job.
Who are Discouraged Workers?
When the economy is growing, and the only type of unemployment that occurs is Natural unemployment, the economy is said to have _____ employment.
What is Full Employment?
If I look at the $50 bill in my pocket and I figure that it will buy me less than $50 worth of items in 5 years, this 'dollar value' is being expressed.
What is Real Dollar Value?
If CPI stands for Consumer Price Index, then PPI stands for this.
What is Producer Price Index?
This term describes an extremely severe recession.
What is a Depression?