Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Chapter 13 Study Guide > Chapter 13 Economics > Flashcards

Chapter 13 Economics Flashcards

0
Q

What is Frictional Unemployment?

A

Occurs when people take time to find a job.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

What are Four basic kinds of unemployment?

A

frictional, seasonal, structural, and cyclical.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is Seasonal Unemployment?

A

Occurs when industries slow or shut down for a season or make seasonal shifts in their production schedules.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is Structural Unemployment?

A

Occurs when workers’ skills do not match the jobs that are available.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the five major causes of structural unemployment?

A

The development of new technology, The discovery of new resources, Changes in consumer demand, Globalization, Lack of education.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is Cyclical Unemployment?

A

Unemployment that rises during economic downturns and falls when the economy improves.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is Unemployment Rate?

A

The percentage of the nation’s labor force that is unemployed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is Full Employment?

A

The level of employment reached when no cyclical unemployment exists.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is Underemployment?

A

Working at a job for which they are over-qualified, or working part-time when they desire full-time work.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a Discouraged Worker?

A

A person who wants a job but has given up looking.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is Inflation?

A

A general increase in prices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is Purchasing Power?

A

The ability to purchase goods and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is Price Index?

A

A measurement that shows how the average price of a standard group of goods changes over time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is Consumer Price Index (CPI)?

A

A price index determined by measuring the price of a standard group of goods meant to represent the “market basket” of a typical urban consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is Market Basket?

A

A representative collection of goods and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is Inflation Rate?

A

The percentage rate of change in price level over time.

16
Q

What is Core Inflation Rate?

A

The rate of inflation excluding the effects of food and energy prices.

17
Q

What is Hyperinflation?

A

Inflation that is out of control.

18
Q

What is Quantity Theory?

A

Too much money in the economy causes inflation.

19
Q

What is Demand-Pull Theory?

A

Inflation occurs when demand for goods and services exceeds existing supplies.

20
Q

What is Cost-Push Theory?

A

Inflation occurs when producers raise prices in order to meet increased costs.

21
Q

What is Wage-Price Sprial?

A

The process by which rising wages cause higher prices, and higher prices cause higher wages.

22
Q

What are the 3 effects on inflation?

A

The value of money changes, Income may not match inflation, Interest rates may not keep up with the inflation rate.

23
Q

What is Fixed Income?

A

Income that does not increase even when prices go up.

24
Q

What is Deflation?

A

A sustained or drop in the price level.

25
Q

What is Poverty Threshold?

A

The income level below which income is insufficient to support a family or household.

26
Q

What is Poverty Rate?

A

The percentage of people who live in households with income below the official poverty threshold.

27
Q

What factors contribute to poverty?

A

Race and ethnic origin, Type of family, Age, Residence.

28
Q

What causes Poverty?

A

Lack of education, Location, Racial and Gender Discrimination, Economic Shifts, Shifts in Family Structure.

29
Q

What is Income Distribution?

A

How the nation’s total income is distributed among its population.

30
Q

What are Food Stamps?

A

Government-issued coupons that recipients exchange for food.

31
Q

What is Lorenz Curve?

A

Illustrates income distribution

32
Q

What are the 3 factors of the Income Gap?

A

Differences in skills and education, Inheritances, Field of work.

33
Q

What are Enterprise Zones?

A

Area where companies can locate free of certain state, local, and federal taxes and restrictions.

34
Q

What is a block grant?

A

Federal funds given to the states in lump sums.

35
Q

What is Workfare?

A

A program requiring work in exchange for temporary assistance.

Chapter 13 Study Guide (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions