terms
Help!
|
|
||||
|---|---|---|---|---|---|
| 4 Unemployment Types | seasonal, frictional, structural, cyclical
🗑
|
||||
| Seasonal Unemployment | Unemployed for part of the year. Ex: students only for summer jobs, mall santas, etc.
🗑
|
||||
| Frictional Unemployment | Unemployed during a job search
🗑
|
||||
| Structural Unemployment | Unemployed because of mismatch between skills needed vs. skills acquired.
🗑
|
||||
| Cyclical Unemployment | Not enough jobs to go around due to downturns in the business cycle
🗑
|
||||
| Labor Force | People 16+ who want to work/are working.
🗑
|
||||
| Full Employment | Lowest rate of unemployment compatible with price stability (between 4% and 6%)
🗑
|
||||
| Federal Trade Commission Act | An agency made to study industry structures and behaviors to identify anti competitive practices.
🗑
|
||||
| Market Mechanism | Means by which forces of supply and demand determine prices and quantities of things sold.
🗑
|
||||
| 4 sources of market failure | public goods, externalities, market power, inequity
🗑
|
||||
| Aggregate Demand | Total quantity of output demanded at alternative price levels in a given time period
🗑
|
||||
| Aggregate Supply | Total quantity of output producers are willing and able to supply at alternative prices levels in a given time period
🗑
|
||||
| Why does AS curve up, why does AD slope down? | 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)
🗑
|
||||
| Classical | 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.
🗑
|
||||
| Say's Law | supply creates own demand
🗑
|
||||
| Keynes | 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.
🗑
|
||||
| MPC vs. MPS | 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
🗑
|
||||
| Inflation | Increase in the average level of the prices of goods and services
🗑
|
||||
| Relative vs. Average Prices | Relative can just be small portion good/services that increase in price (one prices compared to another, relative). Inflation is all prices increase.
🗑
|
||||
| Fiscal Policy | Use of government taxes and spending to alter macroeconomic outcomes
🗑
|
||||
| Four main components of AD | AD=Consumpution(C)+Investment(I)+Government Spending(G)+(exports-imports(X-IM))
🗑
|
||||
| How government adjusts AD to help with inflation | FISCAL RESTRAINT: Increase taxes/decrease gov spending to slow down economy. FISCAL STIUMLUS: Decrease taxes/increase gov spending to expand economy.
🗑
|
||||
| Policy Levers | Tax policy, government spending, changes in interest rates, etc.
🗑
|
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
kellan6
Popular Earth Science sets