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| 4 Unemployment Types | show 🗑
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| show | Unemployed for part of the year. Ex: students only for summer jobs, mall santas, etc.
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| Frictional Unemployment | show 🗑
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| show | Unemployed because of mismatch between skills needed vs. skills acquired.
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| Cyclical Unemployment | show 🗑
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| show | People 16+ who want to work/are working.
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| show | Lowest rate of unemployment compatible with price stability (between 4% and 6%)
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| Federal Trade Commission Act | show 🗑
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| Market Mechanism | show 🗑
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| show | public goods, externalities, market power, inequity
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| Aggregate Demand | show 🗑
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| Aggregate Supply | show 🗑
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| show | AS: More will be supplied if it can be sold at a higher price. Higher profit margins and costs.
AD: Real balances effect, foreign trade effect, interest rate effect. (More is demanded as price is lower)
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| show | Classical was "Laissez Faire", believed the market would pull it's self out of a bad situation automatically due to flexible prices/wages. Supply will create its own demand.
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| Say's Law | show 🗑
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| show | Keynes said government should intervene to achieve macroeconomic goals. Said Great Depression could happen again without intervention. If people demand it, people will supply it.
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| show | Marginal Propensity to Consume: How much someone will spend from income. MPC=Change in consumption/change in disposable income.
Marginal Propensity to Save: How much someone will save from income. MPS=change in saving/change in disposable income
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| Inflation | show 🗑
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| Relative vs. Average Prices | show 🗑
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| show | Use of government taxes and spending to alter macroeconomic outcomes
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| show | AD=Consumpution(C)+Investment(I)+Government Spending(G)+(exports-imports(X-IM))
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| show | FISCAL RESTRAINT: Increase taxes/decrease gov spending to slow down economy. FISCAL STIUMLUS: Decrease taxes/increase gov spending to expand economy.
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| Policy Levers | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
kellan6
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