Economy Terminology

Question 1

Unemployment

Answer 1

All those peeps who are able and willing to work but can’t find a job.

Question 2

Unemployment Rate

Answer 2

Proportion of labour force who don’t have a job as a %.

Question 3

Labour Force

Answer 3

All eligible workers - everyone who are working + looking for one.

Question 4

Participation Rate

Answer 4

Working age proportion of pop. who have a job or finding one.

Question 5

Dole

Answer 5

Financial assistance given by gov’t to unemployed/

Question 6

Underemployment

Answer 6

Situation where employee holds part time job despite wanting full time work - dif. from unemployment since person is working but not to their best ability.

Question 7

Inflation

Answer 7

General increase in $ level of goods and services - problem to consumers if our $ are worth less.

Question 8

Inflation Rate

Answer 8

% increase in $ level of G&S.

Question 9

Consumer Price Index (CPI)

Answer 9

Measures change in $ level of basket of consumer G&S buyed by households.

Question 10

Demand Dole Inflation

Answer 10

^ in $ of G or S due to ^ in cost of production.