Unemployment
Concepts
The Role of Money
The FEDs
Business Cycle
100
Child, retired people, students, parents who chose to stay at home, or people who have given up looking for a job.
Unemployment does not include ?
100
The % of nations labor force that currently NOT working, but are ACTIVELY LOOKING FOR WORK.
What is unemployment ?
100
12
The district banks are organized into how many districts ?
100
Is any money collected by the gov.
What is a tax ?
100
Like a wave
How does the economy typically fluctuate, like a wave, or in a straight line ?
200
Self checkout at Walmart, and tractors for farming
Give two examples of Structural Unemployment
200
A general increase in prices across the economy.
What is inflation ?
200
The President
Who appoints the Board of Govenors
200
Stable Prices Full Employment Economic Growth (increased GDP)
There are changes in the Fiscal Policy in order to ?
200
Is where the economy is in a contraction for 2 consecative quarter (6 months)
What is recession ?
300
Because the change of season causes Work that was needed in a warmer time of the year is not needed as much in the colder times of the year
How do the seasons interfere with unemployment ?
300
The total value of all final goods and services produced within a country’s borders within a given year. (How much money is made in a certain amount of time.)
What is GDP ?
300
The central bank of the United States – responsible for setting monetary policy
What is Federal Reserve
300
Spending set by the federal gov, deals with taxing and spending
What is The Fiscal Policy
300
Is a long term sever recession
What is depression in an economy ?
400
Having to move out of something that was comfortable to something new
What is a disadvantage of Frictional Unemployment ?
400
The dollar amount that a country is over budget within a given fiscal year
What is Gov Deficit ?
400
They are responsible for their location, and taking care of the private banks in its region.
What does the 12 district banks do?
400
Is the amount of money banks must keep on hand and not loan out. Reserve Requirement is important be a use with out it wouldn’t have any money.
What is Reserve Requirment, and why is it important?
400
That a deperession last longer than a recession
What is the big difference between Recession and Deperession in an economy?
500
When a recession is going on you have more people unemployed, than you do during peak times.
How is Cyclincal Unemployment directly related to the swings of the Business Cycle ?
500
The actions that the Federal Reserve System takes to influence the level of real GDP and the rate of inflation in the economy
What is Monetory Policy ?
500
Medium of Exchange Store value Unit of account(standard of value)
What are the 3 roles of money?
500
When taxes increase there’s a fall in economic activity, price leaves goes down, real GDP goes down, and unemployment goes up. When taxes decrease there is a rise in economic activity, price level goes up, real GDP goes up, and unemployment goes down.
Explain what happens when taxes increase and decrease
500
1.Peak 2.Comtraction 3.Trough 4.Recovery 5.Expansion
How many parts are in a Business Cycle, and what are they called?( List them in order.)
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