Unemployment
When people that want a job don't have a job
What is Unemployment?
An increase in general price level
What is inflation
Falling demand for labour causes
What is a leftward shift in AD?
A decrease in general price level
What is deflation
Number of unemployed/labor force x 100 =
What is the Unemployment rate
unemployment that results from changes in demand for a type of skill
What is structural unemployment?
A decrease in the rate of inflation
What is disinflation
A minimum wage creates a ___ which leads to a higher rate of unemployment and a heightened equilibrium
What is a price floor
When consumers stop spending when they see prices fall as they expect them to continue to fall
What is deferred consumption?
(Final value of the CPI - intitial value of the CPI)/intitial value of the CPI x 100
% change in CPI
unemployment that occurs when a worker losing their job and they are currently looking for one
What is Frictional unemployment?
the measure of inflation (measures average prices in one period relative to average prices in another period)
What is Consumer Price Index (CPI)
a higher costs of production causes a ___ which in turn causes employers to hire less workers.
What is a leftward shift in AS?
when the ___ shows a negative percentage then this signifies deflation
What is the Consumer price index (CPI)
nominal income/CPI x 100
real income
unemployment that occurs on a seasonal basis
What is seasonal unemployment
An increase in AD over AS at full employment (rightward shift of AD)
What is demand pull inflation?
What is on the y axis in the AS/AD model
What is price level?
Deflation causes ___ which is when firms aren't sure of their costs and revenues
What is Uncertainty?
If 4800 people are unemployed from a labor force of 88000 the unemployment rate is
What is 5.45%?
unemployment that is linked with a lower aggregate demand on the business cycle
What is Cyclical unemployment
A decrease of AS (a leftward shift of AS)
What is cost-push inflation?
What is on the x axis on the AS/AD model
What is real GDP
What is bankruptcy?
in 2024 the CPI is 124 while in 2018 it was 100. The % change in CPI is
What is 0.24?