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civics and economics 9th > unemployment, poverty, and inflation > Flashcards

unemployment, poverty, and inflation Flashcards

1
Q

unemployment has a _____ of causes

A

variety

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2
Q

some level of _______ is expected, even when an economy is healthy

A

unemployment

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3
Q

closing or scaling back by large employers has major impact on

A

measuring unemployment

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4
Q

unemployed can not buy as many _____ and ____

A

goods and services

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5
Q

other local businesses may decrease output, or ___ ___ _____

A

lay off workers

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6
Q

widespread unemployment across the country can reduce ________ and ____

A

production and GDP

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7
Q

unemployment rate

A

percent of labor forces jobless and looking for work

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8
Q

civilian labor force

A

people over 16 who are work, looking for work

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9
Q

who determines unemployment rate

A

Bureau of Labor Statistics

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10
Q

how do you find the unemployment rate

A
  • divided number of unemployed workers by total in civilian labor force
  • does not count discouraged who have stopped looking or underemployed
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11
Q

underemployed

A

work part-time, want full-time, or work below skill level

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12
Q

full employment

A

no unemployment caused by decreased economic activity

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13
Q

always some degree of underemployment because

A

people relocate, look for better jobs, can’t find appropriate job

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14
Q

what is the underemployment rate that is considered full employment in US

A

4 to 8

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15
Q

why are their other underemployment rates in other countries

A
  • they have different labor markets

- different economic policies

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16
Q

types of unemployment

A
  • frictional
  • seasonal
  • structural
  • cyclical
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17
Q

frictional unemployment

A
  • temporary, experienced by people changing jobs
  • not a threat to economic stability
  • includes: childbearing parent returning to work, new college grad looking for first job, experienced workers who want to switch jobs
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18
Q

seasonal unemployment

A

-due to seasonal work

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19
Q

jobs exist but workers not qualified

A

structural employment

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20
Q

as businesses become more efficient, require fewer workers

A

structural unemployment

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21
Q

new industries requiring specialized education do not employ unskilled

A

structural unemployment

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22
Q

change in consumer demand can shift type of workers needed

A

structural unemployment

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23
Q

offshore outsourcing sometimes leaves people out of work

A

structural unemployment

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24
Q

-demand for some jobs changes dramatically from season to season

A

seasonal unemployment

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25
Q

construction work falls off in winter, tourism parts at certain time of year (carries by region), migrant farm work drops off in winter (migrant families suffer)

A

seasonal unemployment

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26
Q

caused by decreased activity in business cycle

A

cyclical unemployment

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27
Q

employers lay off workers during low points in business cycle

A

cyclical unemployment

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28
Q

during recession hard to find new jobs since demand for labor drops

A

cyclical unemployment

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29
Q

unemployment period varies by type: average relatively short

A

cyclical unemployment

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30
Q

over _____ of unemployed find work in 5 weeks or less

A

1/3

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31
Q

impact of unemployment

A
  • excessive, persistent unemployment inefficient- wastes human resources
  • promotes inequality since lease experienced lose jobs first
  • discourages workers who lose faith in ability to find good job
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32
Q

________ lose motivation to do good job

A

underemployed

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33
Q

fewer jobs means _____ opportunities to advance

A

fewer

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34
Q

poverty

A

lack of income, resources to have minimum standard of living

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35
Q

no universal ________ ___ _______ ; varies from country to country

A

standard for poverty

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36
Q

poverty threshold

A

official minimum income to pay for basic needs ; set by government

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37
Q

people considered in poverty if income falls _____ poverty threshold

A

below

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38
Q

poverty threshold is also called

A

poverty line

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39
Q

calculated based in costs of nutritious food, other necessities ; differ by size of household ; adjusted annually

A

poverty threshold

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40
Q

poverty rate

A

percent of people in households below poverty threshold; based on population as a whole

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41
Q

does or does not poverty hit all sectors of society equally

A

does not

42
Q

most at risk for poverty

A

children, minorities, inner city, rural, and single-mother families

43
Q

factors affecting poverty

A
  • education
  • discrimination
  • demographic tends
  • changing jobs
44
Q

how does education affect poverty

A

the higher the level of education the higher the income

45
Q

how does discrimination affect poverty

A

discrimination against minorities and women; they sometimes face wage discrimination, occupational segregation

46
Q

how does demographic tends affect poverty

A

single-parent families have more economic problems

47
Q

how does changing jobs affect poverty

A

change from manufacturing to service jobs has resulted in lower wages for low-skilled workers

48
Q

income distribution

A

how income is divided among people in a nation

49
Q

income inequality

A

unequal distribution of income ; some always exists

50
Q

______ ______ shows degree of inequality in a nation

A

Lorenz curve

51
Q

the more the Lorenz curve dips away from diagonal line…

A

the greater the inequality

52
Q

welfare-economic, social programs providing social to the needy is an example of …

A

antipoverty programs

53
Q

some welfare-economic, social programs are criticized for…

A

wasting government funds, harming recipients

54
Q

now government also uses what things for antipoverty programs (4)

A

tax breaks, grants, job training, self-help

55
Q

____ _____ program gives cards, government deposits funds in account

A

food stamp

56
Q

cards for food stamp programs can be used only to buy _______

A

food at grocery stoes

57
Q

______ offers health care

A

Medicaid

58
Q

Medicaid is funded by

A

federal and state governments

59
Q

earned-income tax credit

A

refunds taxes from paychecks ; money usually spent in own communities, helping boost their economies

60
Q

general anti poverty program that pays retirees, survivors, disabled

A

social security

61
Q

general antipoverty program that is government health insurance for seniors

A

medicare

62
Q

general antipoverty program that helps laid-off workers while looking for a job

A

unemployment insurance

63
Q

general antipoverty programs funded by payroll taxes

A

social security and medicare

64
Q

general antipoverty program that is mostly paid by taxes on employers

A

unemployment insurance

65
Q

inflation

A
  • sustained rise in the level of prices generally

- sustained fall in purchasing power of money

66
Q

consumer price index (CPI) measures

A

changes in prices of products

67
Q

US gov surveys people to learn what they buy regularly which creates

A
  • a “market basket” of about 400 typical products
  • each month researchers current prices of these items
  • compare prices to reference base year 1982 and 1984
68
Q

producer price index (PPI) measures

A

changes in wholesale prices

69
Q

PPI reflects

A

price producers get for goods; tied to a reference base

70
Q

over 10,000 PPIs …

A

for individual products and group of products

71
Q

inflation rate

A

rate of change in prices over at set period of time

72
Q

PPi tends to lead CPI as

A

indicator of inflation

73
Q

types of inflation

A
  • moderate rate of inflation
  • creeping inflation
  • galloping inflation
  • hyperinflation
  • deflation
74
Q

moderate rate of inflation

A

between 1 and 2 percent per year

75
Q

creeping inflation

A

moderate inflation over a period of time

76
Q

galloping inflation

A

rapid increase

77
Q

hyperinflation

A

over 50% per month

78
Q

deflation

A

decrease in general price level; happens rarely

79
Q

causes in inflation

A

demand-pull inflation and cost-push inflation

80
Q

demand-pull inflation

A

total demand rises faster than production

81
Q

cost-push inflation

A

increase in production costs push up price

82
Q

if total demand rises faster than production (demand-pull inflation)…

A

it creates scarcity

83
Q

during demand-pull inflation, producers need time to..

A

recognize demand, gear up for higher production

84
Q

during lag period

A

demand pushes up prices for available products

85
Q

too much money entering into circulation during lag period will..

A

drive up prices

86
Q

when production cost increases (CPI)

A

producer make less profit

87
Q

if demand is strong

A

may rise prices to maintain profits

88
Q

cost-push inflation may be due to

A

higher price of materials and energy

89
Q

_______ can be large part of

A

production costs

90
Q

wage-price spiral

A

higher prices lead to higher costs which lead to higher prices which lead to higher wages

91
Q

impact of inflation

A

decreasing value of the dollar , increasing interest rates , decreasing real returns of savings

92
Q

rising consumer price index represents

A

declining value of the dollar

93
Q

people on a fixed income are especially vulnerable to

A

inflation// decreasing value of dollar

94
Q

each dollar a person, who is on a fixed income, has…

A

buys less every year

95
Q

inflation helps people who borrow at a fixed rate of interest

A

pay debts with dollar that are worth less so repayments are smaller

96
Q

lenders raise interest rates to

A

ensure profit on loans

97
Q

businesses avoid borrowing to

A

expand or make capital improvements

98
Q

consumers less likely to

A

finance high-priced items

99
Q

monthly credit card payments go up as

A

interest rates rise

100
Q

interest on savings tends to ______ during inflationary times

A

increase

101
Q

although interest on savings tends to increase during inflationary times, rate of inflation tends to ….

A

outpace interest rates

102
Q

inflation worries people about …

A

drop in standard of living and retirement

civics and economics 9th (6 decks)

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