A
Those who have quit work because they didn’t like it
What is Frictional Unemployment?
Caused by restructuring of businesses or by mismatch of skills to the requirements of available jobs
What is Structural Unemployment?
Demand of labor varies over the year
What is Seasonal Unemployment?
Occurs because of a recession or downturn in the business cycle
What is Cyclical Unemployment?
Rise of the price of goods and services over time. (too many dollars chasing to few goods)
Price increases are slowing
What is Disinflation?
Management of the money supply and interest rates by the FED
What is the Monetary policy?
Economy is slowing, but prices are going up anyway
What is Stagflation?
Sum of government deficits over time
What is National Debt?
This is the monthly statistics that measure the pace of inflation or deflation…the cost of goods & services
Prices are declining(too few dollars chasing to many goods)
What is Deflation?
This measure prices at the wholesale level
Market determines what goods and services are produced, who gets them and how the economy grows
What is Free-Market?
Federal Governments efforts to keep the economy stable by increasing or decreasing taxes and government spending
What is the Fiscal Policy?
2 or more consecutive quarters of decline in the GDP
What is a Recession?
Selling products to another country
What is Exporting?
Buying products from another country
What is Importing?
Movement of goods & services among nations without political or economical barriers
What is Free-Trade?
Severe recession, accompanied by deflation
What is a Depression?
When the government decides what goods and services are produced, who gets them and how the economy will grow
What is Command Economies?
Total valued of a nation’s exports compared to its imports measure ofver a particular period
What is Balance of Trade?
Countries should sell those products that it produces most effectively and efficiently & buy from other countries those products it cannot produce effectively and efficiently.
What is Comparative Advantage Theory?
Allocation of resources is made by the market and the government
What is Mixed Economy?
Total value of goods & services produced in a country in a given year
What is GDP?
What are the Key Economic indicators?
What are the types of Unemployment?
What are the stages of the business cycle?
Percent of civilians that are at least 16 yrs old who are unemployed and tried to find a job within the prior 4 weeks
What is Unemployment Rate?
Foreign company produces private label goods to which a domestic company the attaches its own brand name or trademark.
What is Contractual Manufacturing?
Can produce a specific product more efficiently than all other countries
What is Absolute Advantage?