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School > Social PT 3.1 > Flashcards

Social PT 3.1 Flashcards

1
Q

Refers to a nation’s adult population who, legally, may be employed

A

Working Age Population

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2
Q

Refers to individuals currently holding a job

A

Employed

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3
Q

Refers to individuals aged 15 years old and above who are not currently working but are available for work and are presently looking for a job

A

Unemployed

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4
Q

Refers to individuals who are holding a job that does not match their skills, knowledge, or qualifications

A

Underemployed

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5
Q

Refers to all “economically active” individuals or those who are currently working or presently looking for work

A

Labor Force

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6
Q

Is a proportion of the working age population that belongs to the labor force

A

Labor Force Participation Rate

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7
Q

The proportion of the unemployed persons of the total labor force

A

Unemployment Rate

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8
Q

Types of Unemployment

A

Demand Side Unemployment
Cyclical Unemployment
Supply-Side Unemployment

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9
Q

Refers to unemployment driven by the decrease in aggregate demand for goods and services which leads to a decline in economic growth

A

Demand Side Unemployment

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10
Q

Happens when the demand for goods decreases and companies are forced to lay off workers

A

Cyclical Unemployment

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11
Q

The opposite of demand deficient unemployment which is the category of unemployment largely driven by the disequilibrium in the labor market

A

Supply-Side Unemployment

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12
Q

Refers to the situation in which individual are in between jobs

A

Frictional Unemployment

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13
Q

Is the type of unemployment caused by a job or skills mismatch

A

Structural Unemployment

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14
Q

Driven by the need to learn new skills

A

Occupational Structural Unemployment

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15
Q

A type of structural employment linked to mobility issues

A

Geographical

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16
Q

Automation of previously manual processes

A

Technological Changes

17
Q

Type of unemployment that is caused by a rise in real wages

A

Classical Unemployment

18
Q

Leads to disequilibrium in which supply of labor is greater than demand

A

Real Wages Unemployment

19
Q

Refers to the sum of frictional and structural unemployment

A

Natural Rate of Unemployment

20
Q

The unemployment is voluntary

A

Catallactic Unemployment

21
Q

All other types of unemployment not considered natural

A

Institutional Unemployment

22
Q

Concept wherein inflation and unemployment have a stable and inverse relationship

A

Phillips Curve

23
Q

A special case in which there is increasing inflation and rising unemployment is not unheard of

A

Stagflation

24
Q

Considers the income from different sectors of the economy

A

Income Approach

25
Q

GDP Income Approach Formula

A

GDP= (Wages+ Rent+ Interest+ Profit) + (Indirect business taxes- Subsidies+ Depreciation)

26
Q

Expenditure Approach/Aggregate Expenditure Formula

A

GDP = Y= C+I+G+ NX= AE

27
Q

Considers the value added in each stage of the production process, which is computed as the difference of production inputs and the price of output

A

Production Approach/Value-Added Approach

28
Q

Accounts for the return on the factors of production

A

Total National Income

29
Q

Adding net foreign factor income to the income approach

A

Gross National Income

30
Q

GNI formula

A

GNI = GDP + Net Foreign Factor Income

31
Q

Covers any indirect taxes related to business and depreciation of assets

A

Business Cash Flow

32
Q

Is the difference of payments received from foreigners and payments made to foreigners for the use of factors of production

A

Net Foreign Factor Income

33
Q

Determines the equilibrium level of real GDP by the point where the total or aggregate expenditures in the economy are equal to the amount of output produced

A

Keynesian Cross Diagram

34
Q

Is plotted in the x-axis and is represented by real GDP and is denoted by Y

A

Actual Expenditure

35
Q

Is plotted on the y-axis and is represented by aggregate expenditure and is denoted by AE

A

Planned Expenditure

36
Q

Is an economic formula that measures the relationship between income and total consumption of goods and services in the economy

A

Consumption Function

37
Q

Defined as the amount left over from disposable income after deducting consumption expenditure

A

Savings

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