Jobs and Inflation

Question 1

Working Age Population?

Answer 1

15+

Question 2

Labour Force (of Justice!)

Answer 2

Sum of employed and unemployed people.
(Unemployed if they are available to work and made specific efforts to find a job within the previous four weeks or laid off from work and be waiting to be called back or waiting to start a job in four weeks.)

Question 3

Frictional Unemployment

Answer 3

Unemployment that arises from the ongoing creation and destruction of jobs

Question 4

Structural Unemployment

Answer 4

Unemployment that arises when changes in technology or international competition change the skills needed to perform jobs or change the locations of jobs is called structural unemployment

Question 5

Cyclical Unemployment

Answer 5

Higher than normal unemployment at a business cycle trough and the lower than normal unemployment at a business cycle peak (Person hired when the economy is going well, fired when not so much)

Question 6

‘Natural’ Unemployment

Answer 6

When it’s just Frictional and Structural unemployment. There’s no cyclical employment involved

Question 7

Natural Unemployment Rate

Answer 7

Frictional+Structural/Labour Force (of Justice!)

Question 8

Full Employment

Answer 8

The unemployment equals natural unemployment

Question 9

Inflation

Answer 9

A persistently increasing price level

Question 10

Deflation

Answer 10

A persistently decreasing price level

Question 11

Hyperinflation

Answer 11

An inflation rate of 50% per month or higher

Question 12

CPI

Answer 12

Consumer Price Index, charts change in price level across time by comparing money value paid for a fixed basket of goods and services