Supply and Demand
As demand increases, price will...
increase
Name one requirement to be labeled as unemployed
(Answering "Can't be employed" will not count)
Must have actively looked for work for the past 4 weeks
16 Years or older
Can't be a full time student
Are in the labor force
Define Inflation
a general increase in prices and fall in the purchasing value of money.
What is it called when demand meets supply?
A shortage
What is the equation to finding the percentage of people unemployed?
Amount of people unemployed / Total amount in the work force (x) 100
What is the difference between Real GDP and Nominal GDP?
Nominal GDP represents the total value of all goods and services produced in an economy within a specific period, using current market prices.
Real GDP is calculated by adjusting nominal GDP for inflation. It measures the value of goods and services at a constant price level, typically using a base year.
What is the point called where the curve of demand and supply intersect?
Equilibrium
What are the four categories of unemployment
Frictional, Structural, Cyclical, and Seasonal
What is Stagflation?
A period of high inflation coupled with slow economic growth and high unemployment.
What happens to price when supply exceeds demand?
A new machine that operates very fast, leaving workers unemployed due to technological advancements is an example of what type of unemployment?
Structural Unemployment
What does Real GDP per capita measure?
It provides a measure of the average production and consumption of goods and services per person, allowing for more meaningful comparisons across countries with different population sizes.