Vocabulary Chater 28
Terms
undefined, object
copy deck
- Frictional Unemployment
- unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
- Consumer Price Index
- a measure of the overall cost of the goods and services bought by a typical consumer
- Nominal Interest Rate
- the interest rate as usually reported without a correction for the effects of inflation
- Unemployment Insurance
- a government program that partially protects workers' incomes when they become unemployed
- Natural Rate of Unemployment
- the normal rate of unemployment around which the unemployment rate fluctuates
- Cyclical Unemployment
- the deviation of unemployment from its natural rate
- Discouraged Workers
- individuals who would like to work but have given up looking for a job
- Unemployment Rate
- the percentage of the labor force that is unemployed
- Strike
- the organized withdrawal of labor from a firm by a union
- Labor-Force Participation Rate
- the percentage of the adult population that is in the labor force
- GDP Deflator
- a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
- Consumption
- spending by households on goods and services, with the exception of purchases of new housing
- Investment
- spending on capital equipment, inventories, and structures, including household purchases of new housing
- Union
- a worker association that bargains with employers over wages, benefits, and working conditions
- Labor Force
- the total number of workers, including both the employed and the unemployed
- Government Purchases
- spending on goods and services by local, state, and federal governments
- Structural Unemployment
- unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
- Gross Domestic Product
- the market value of all final goods and services produced within a country in a given period of time
- Collective Bargaining
- the process by which unions and firms agree on the terms of employment
- Job Search
- the process by which workers find appropriate jobs given their tastes and skills
- Real Interest Formula
- the interest rate corrected for the effects of inflation
- Nominal GDP
- the production of goods and services valued at current prices
- Inflation Rate
- the percentage change in the price index from the preceding period
- Producer Price Index
- a measure of the cost of a basket of goods and services bought by firms
- Real GDP
- the production of goods and services valued at constant prices
- Efficiency Wages
- above-equilibrium wages paid by firms to increase worker productivity