Economy Quiz Flashcards
Unemployment
Percentage that is not working but is looking for work. (4-6%)
GDP
Gross Domestic Product - Measures values produced in the USA in one year (3-5%)
CPI
Consumer Price Index - Measures the prices of goods and services (2%)
Industrial Production
Measures mining, industrial, and construction in 1 year.
Non-farm Payrolls
Measures the “payroll” of non-farm industries.
Inflation
Increase in average price of goods not justified by increase (2%)
Seasonal Unemployment
That time of year
Structural Unemployment
Does not match what employers want
Frictional Unemployment
In between work or after college
Cyclical Unemployment
Lack of demand
Demand Pull Theory
When demand exceeds supply.
Quantity Theory
Too much money in economy
Cost-Push Theory
Raise prices to meet increased cost.
Why do people with higher education earn more money?
More skills, learning, screening.
What are the 4 US employment trends?
More highly educated, more women, more temporary workers, more foreign born workers.
