macroeconomics ch 6 prices & unemp
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| show | a weighted average of prices of ALL goods and services; y-axis
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| Price Index | show 🗑
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| show | a major price index; Qty's are fixed; is based upon a representative group of goods and services purchased by a typical household (called the market basket); a widely cited index number for the price level; CPI is base yr is always 100
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| CPI formula & % change in price | show 🗑
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| Market Basket | show 🗑
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| show | anchor yr; the chosen year as a pt of reference or basis of comparison for prices in other yrs; a benchmark yr; CPI in base yr is 100
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| show | an increase in the Price Level or price index; during inflation Price Level goes up and PP$ goes down, debtors gain and creditors lose; helps people in debt
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| inflation rate | show 🗑
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| deflation | show 🗑
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| show | dollar amount (earlier yr) x ((CPI <current yr>/(CPI <earlier yr)) = dollar amount in today's <current> dollar
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| Purchasing Power (PP$) | show 🗑
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| real income | show 🗑
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| show | current dollar amount of income
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| show | is based upon ALL goods and services produced in an economy; GDP prices are fixed;
(nominal/real) x 100 = GDP Deflator
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| unemployed person | show 🗑
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| unemployment rate | show 🗑
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| employment rate | show 🗑
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| show | the %age of the civilian noninstitutional population that's in the civilian labor force = civilian labor force/civilian noninstitutional population
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| show | due to the natural so-called frictions of the economy, caused by changing market conditions & is represented by qualified indivs w/ transferable skills who change jobs; u don't know about ea other
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| show | due to the structural change in the economy that eliminate some jobs & create others for which the unemployed are unqualified; creative destruction
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| cyclical unemployment (bad) | show 🗑
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| show | expansion (going up)- increasing hiring, peak (top), recession (going down), contraction (still going down) - no hiring, trough (very bottom)
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| show | caused by frictional and structural factors in the economy
rate = frictional unemp rate + structural unemp rate
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| full employment | show 🗑
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