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Economics Glossary: Terms Related to Unemployment, Inflation, and GDP, Quizzes of Introduction to Macroeconomics

Bridgewater State University (BSU)Introduction to Macroeconomics

Definitions and formulas for various economic terms including unemployment rate, labour force participation rate, costs of unemployment, inflation, gdp, and related concepts. It covers concepts such as cyclical unemployment, frictional unemployment, demand-pull inflation, cost-push inflation, and more.

Typology: Quizzes

2017/2018

Uploaded on 06/04/2018

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TERM 1

Unemployment Rate

DEFINITION 1

Unemployment rate = (unemployed/labour fore) x100

TERM 2

Labour force participation rate

formula

DEFINITION 2

(labour force/working age population) x100

TERM 3

cost result of unemployment to the individual

DEFINITION 3

Wages forgone by not workingmay lose skillsloss of self

esteemincurre retraining costother social cost

TERM 4

cost of unemployment to the society

DEFINITION 4

not paying taxesloss of productionincrease crime

TERM 5

Natural rate of

unemployment

DEFINITION 5

equals Frictional + structural

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Economics Glossary: Terms Related to Unemployment, Inflation, and GDP, Quizzes of Introduction to Macroeconomics

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Download Economics Glossary: Terms Related to Unemployment, Inflation, and GDP and more Quizzes Introduction to Macroeconomics in PDF only on Docsity!

Unemployment Rate

Unemployment rate = (unemployed/labour fore) x

TERM 2

Labour force participation rate

formula

DEFINITION 2

(labour force/working age population) x

TERM 3

cost result of unemployment to the individual

DEFINITION 3

Wages forgone by not workingmay lose skillsloss of self

esteemincurre retraining costother social cost

TERM 4

cost of unemployment to the society

DEFINITION 4

not paying taxesloss of productionincrease crime

TERM 5

Natural rate of

unemployment

DEFINITION 5

equals Frictional + structural

advantages and disadvantages of setting of

wages conditions

advantages - greater economic growthlower

unemploymentdisadvanteges - inequatable outcomes for the

lowest paid

TERM 7

Cyclical unemployment

DEFINITION 7

Is caused by a business cycle contraction or recession

TERM 8

Frictional unemployment

DEFINITION 8

is short term unemployment arising from the process of

matching workers with jobs - seasonal unemployment ski

instructor

TERM 9

size of labour force forumla

DEFINITION 9

unemployed person/unemployment rate =

TERM 10

Hyperinflation

DEFINITION 10

Rapid inflation

GDP deflator

formula

nominal GDP/Real GDP x

TERM 17

Economic Growth Formula

DEFINITION 17

Real GDPcurrent year - Real GDP previous year---------------------

----------------------------------------------- x100real GDP previous year

TERM 18

4 major expenditures of GDP

DEFINITION 18

Consumption expenditureInvestment

expenditureGovernment expenditurenet exports = exports -

imports

TERM 19

GDP formula

DEFINITION 19

GDP = C + I + G + N-X

TERM 20

Why is GDP Imperfect?

DEFINITION 20

doesn't measure leisuredoes not include all productiondoes

not inform us how GDP is distributed

Nominal GDP

is the market value of final goods and services evaluated at

current prices

TERM 22

Real GDP

DEFINITION 22

is a measure of the volume of finals goods and services

holding prices constant

TERM 23