Gross Domestic Product
This is the market value of all final goods and services produced within a country in a given period of time.
What is Gross Domestic Product?
This includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending.
What is a Market Basket?
When the Labor Force is 200 million and Employment is 150 million, this is the unemployment rate.
What is 25%?
This type of unemployment is caused by workers changing their locations, jobs, or careers.
What is Frictional Unemployment?
What is 3%?
This type of good is only used as an input in the creation of something else and it is not counted in GDP.
What is an Intermediate Good?
This is a tool used to measure how much the cost of a market basket has risen or fallen relative to the cost of the same market basket in a base time period.
What is a Price Index?
These individuals have looked for work in the past year, but have given up looking because of the condition of the labor market.
Who are Discouraged Workers?
Carrie has been working full-time at Starbucks while attending college. When she graduates, she quits her job at Starbucks to find a job in her field of study. Carrie is this.
What is Frictionally Unemployed?
This is the formula that can be used to approximate the number of years it will take for income to double at the current real growth rate.
What is the Rule of 70?
Goods produced by a German company on U.S. soil are counted in this country's GDP.
What is the U.S.?
If 2020 is the base year and the CPI in 2021 is 105, this is the increase in the cost of living for the typical consumer
What is 5%?
When someone is employed part-time, but wants to be full-time, they are considered this.
What is Underemployed?
Eric was a great mechanic 20 years ago, but he left the workforce to take care of his kids. Now that his kids are in high school, Eric is looking for another job as a mechanic, but his skills are out of date. Eric is this.
What is Structurally Unemployed?
This is the approximate number of years that it would take a country to double its real GDP if it was growing at 5%.
What is 14 years?
"Consumption + Investment + Government Spending + Exports - Imports" is used to calculate GDP when using this method.
What is the Expenditure Method?
If the CPI in 2020 was 104 and the CPI in 2021 was 108, this was the rate of inflation between 2020 and 2021.
What is 3.8%?
Ariana has a BA degreee in accounting and is currently working as a part-time dog groomer. The BLS classifies her as this.
What is Employed?
This type of unemployment occurs when there is a mismatch between the skills workers can offer and the skills that are in demand.
What is Structural Unemployment?
This is typically measured by calculating the output per worker.
What is Productivity?
This is the value of GDP when total consumption is $50, investments are $100, government purchases are $100, exports are $50, and imports are $30.
What is $270?
This type of inflation measures price changes for the entire market basket of the average urban consumer.
What is Headline Inflation?
This curve shows the relationship between the total quantity of labor demanded by all firms in the economy and the wage rate.
What is Labor Demand Curve?
This type of unemployment is the effect of wages remaining persistently above the market-clearing level.
What is Real-wage Unemployment?
Increases in productivity per person lead to increases in this.
What is Economic Growth?