Unemployment
Unemployment caused by workers who are “between jobs”
Frictional Unemployment
When money supply grows faster than real GDP.
Excessive Monetary Growth
The branch of treasury department in charge of collecting taxes.
Internal Revenue Service (IRS)
What the government spends the most of its budget on.
Military
One seller dominates entire market.
Monopoly
Number of unemployed persons divided by the total number of persons in the civilian workforce.
Unemployment Rate
A self-perpetuating spiral of wages and prices becomes difficult to stop.
Wage-Price Spiral
Property taxes are on what level of government revenue system.
Local
Payment for which the government receives neither goods nor services in return.
Transfer Payment
Market where large number of well-informed and independent buyers and sellers exchange identical products.
Perfect Competition
When workers are replaced by machines or automated systems.
Technological Unemployment
Statistical series used to measure changes in the level of price over time.
Price Index
The charge levied on goods brought into the US from other countries
Customs Duties
The part of the economy made up of private individuals and privately owned businesses.
Private Sector
To use advertising, giveaways, or other promotions to convince buyers one product is superior to another
Nonprice Competition
Sum of monthly inflation and unemployment rate.
Misery Index
All sectors in the economy try to buy more goods and services than the economy can produce.
Demand-pull Inflation
Funds collected from one level of government and transferred to another.
Intergovernmental Revenue
When did the government spending begin to increase.
1930's
Formal agreement to set prices or behave in cooperative way.
Collusion
True or False. Unemployment rate doesn’t count those too frustrated, discouraged, or lazy to look for work.
Inflation in the range of 1 to 3 percent per year.
What is borrowing.
Collecting money from individuals by selling bonds
A line-item budget expenditure that circumvents normal budget procedures and benefits a small number of people or businesses.
Pork
Market structure where a few very large sellers dominate.
Oligopoly