Vocab
Unemployment resulting from changes in the weather or changes in the demand for certain products/services
Seasonal Unemployment
Give an example of cyclical unemployment
Gabbi will judge the response
What is the difference between real GDP and nominal GDP?
Adjustment for inflation
Concerned with how the budget is spent and categorized
Distributive
Where is Gabbi from?
Wisconsin
What is unemployment caused by workers who are between jobs for one reason or another
Frictional Unemployment
Working part-time when they want full time or being employed below their capability level
Underemployment
Purchasing Power Parity is a conversion to adjust GDP to reflect cost of living
Concerned with the allocation of funding and budgeting to promote equality and fairness
Redistributive
What are Gabbi's cat's names?
Chomsky and Peach
Unemployment caused when workers with less skills, talent, or education are replaced specifically by machines and other equipment that do their jobs
Technological Unemployemnt
Describes people who drop out of labor force - give up on trying to actively find a job and apply, but would accept a job if offered
Discouraged workers
Name one of the top three countries for highest Real GDP adjusted for PPP. Double points if you name all three.
China, US, India
Concerned with broad or overarching social concerns
Substantive
How many siblings does Gabbi have?
one
Unemployment that occurs when a fundamental change in the operations of the economy reduces the demand for workers and their skills
Structural Unemployment
This range of unemployment is considered normal
3-6%
GDP uses the formula C + I + G + (X - M). What does it stand for?
Consumption + Investments + Government + (Exports - Imports)
Concerned with the creation of laws and rules to better society
Regulatory
The 4 letter nickname that the middle schoolers most often call Gabbi
Greg
Unemployment directly depending to the swings, and changing of business and economics
Cyclical Unemployment
How do you calculate unemployment rate?
The number of unemployed individuals divided by the total number of persons in the civilian labor force (times 100)
What are the four economic indicators?
GDP, Unemployment, Inflation, The Fed
What is an example of substantive policy?
Something in education, police reform, etc. Gabbi's judgement.
Grey