Chapter 13 Flashcards
Unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season
Seasonal Unemployment
Unemployment that occurs when people take time to find a job
Frictional Unemployment
Unemployment that occurs when workers’ skills do not match the jobs that are available
Structural Unemployment
Unemployment that rises during economic downturns and falls when the economy improves
Cyclical Unemployment
The percentage of the nation’s labor force that is unemployed
Unemployment rate
Working at a job for which one is overqualified, or working part-time when full-time work is desired
Underemployed
A general increase in prices
Inflation
A price index determined by measuring the price of a standard group of goods meant to represent the typical “market basket”
Consumer Price Index
The percentage rate of change in price level over time
Inflation Rate
The process by which rising wages cause higher prices and higher prices cause higher wages
Wage-Price Spiral
A sustained drop in the price level
Deflation
The percentage of people who live in households with income below the official poverty line
Poverty Rate
Area where companies can locate free of certain local, state, and federal taxes and restrictions
Enterprise Zone
Federal funds given to states in lump sums
Block Grand
A program requiring work in exchange for temporary assistance
Workfare
