question
unemployment s
answer
structural unemployment - mismatches between job openings, unemployed ppl who lack skills or insufficenr education
question
unemployment F
answer
frictional unemployment- people who are temporarily between jobs
question
unemployment C
answer
cyclical unemployment- ppl who are not working bc firms do not need labor due to lack of demand or a downturn in business cycle
question
circular flow
answer
pic in group me
question
business cycle
answer
pic in group me
question
real GDP per capita
answer
year 1 real gdp
real gdp per capita= ———————
. population in yr 1
real gdp per capita= ———————
. population in yr 1
question
consumer price index
answer
consumer price index= weighted cost of base period items in current year prices / weighted cost of base period items in base year prices x 100
question
index number
answer
index number= current yr cost / base yr cost x 100
question
real gdp in year one
answer
real gdp in yr 1= (nominal gdp x 100) / price index
question
output growth
answer
og = (real gdp in yr 2 - real gdp in yr 1) / real gdp in yr 1 x 100
question
price change
answer
pc= change in CPI / beginning cpi x 100
question
labor force participation
answer
lfpr = number in labor force / adult population x 100
question
unemployment rate
answer
ur= number of unemployed/ labor force x 100
question
supply change
answer
Pf, Po, I, Es, Ns
question
demand change
answer
Ec, Nc, Yc, Po, Tc
question
GDP
answer
gdp= c + I + g + Xn
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