Flow
A quantity of something at a given point in time
A quantity of something measured per unit of time that shows how fast something is changing
An upward movement in the average level of prices in an economy.
A downward movement in the average level of prices in an economy
Stock
A quantity of something at a given point in time
A quantity of something measured per unit of time that shows how fast something is changing
A downward movement in the average level of prices in an economy
An upward movement in the average level of prices in an economy.
Inflation
A quantity of something measured per unit of time that shows how fast something is changing
A quantity of something at a given point in time
An upward movement in the average level of prices in an economy.
A downward movement in the average level of prices in an economy
Deflation
A downward movement in the average level of prices in an economy
An upward movement in the average level of prices in an economy.
A quantity of something at a given point in time
A quantity of something measured per unit of time that shows how fast something is changing
Market Basket
Representative bundle of goods and services.
The cost of today’s market basket of goods expressed as a percentage of the cost of the same market basket during a base year.
Weighted average of prices of a specified set of goods and services purchased by wage earners in urban areas.
The point of reference for comparison of prices in other years.
Base Year
The point of reference for comparison of prices in other years.
Representative bundle of goods and services.
The cost of today’s market basket of goods expressed as a percentage of the cost of the same market basket during a base year.
Weighted average of prices of a specified set of goods and services purchased by wage earners in urban areas.
Consumer Price Index
Representative bundle of goods and services.
The cost of today’s market basket of goods expressed as a percentage of the cost of the same market basket during a base year.
Weighted average of prices of a specified set of goods and services purchased by wage earners in urban areas.
The point of reference for comparison of prices in other years.
Price Index
The point of reference for comparison of prices in other years.
The cost of today’s market basket of goods expressed as a percentage of the cost of the same market basket during a base year.
Representative bundle of goods and services.
Weighted average of prices of a specified set of goods and services purchased by wage earners in urban areas.
Real Value
Price expressed in today’s dollars.
Values corrected for the changes in prices.
Nominal Value
Price expressed in today’s dollars.
Values corrected for the changes in prices.
Anticipated Inflation
The rate of inflation that the majority of individuals believe will occur in the future.
The rate of inflation that is different from what people believed it would be.
Unanticipated Inflation
The rate of inflation that the majority of individuals believe will occur in the future.
The rate of inflation that is different from what people believed it would be.
Real Rate of Interest
The nominal rate minus the anticipated rate of inflation.
The market rate of interest expressed in today’s dollars.
Nominal Rate of Interest
The nominal rate minus the anticipated rate of inflation.
The market rate of interest expressed in today’s dollars.
GDP Deflator
A price index measuring the changes in prices of all new goods and services produced in the economy.
A statistical measure of a weighted average of prices of commodities that firms purchase from other firms.
Producer Price Index (PPI)
A statistical measure of a weighted average of prices of commodities that firms purchase from other firms.
A price index measuring the changes in prices of all new goods and services produced in the economy.
Economic growth
Is the increase in economic output experienced over time.
The value of all goods and services produced in a country in a year. We call this measure Gross Domestic Product (GDP).
Economic output
The value of all goods and services produced in a country in a year. We call this measure Gross Domestic Product (GDP).
is the increase in economic output experienced over time.
Business Fluctuations
A business fluctuation during which the pace of overall economic activity is slowing down.
The ups and downs in economy-wide economic activity • National income • Employment • Prices
A business fluctuation in which overall economic activity is rising at a more rapid rate than previously, or at a more rapid rate than the overall historical trend for the nation.
Contraction
A business fluctuation in which overall economic activity is rising at a more rapid rate than previously, or at a more rapid rate than the overall historical trend for the nation.
A business fluctuation during which the pace of overall economic activity is slowing down.
The ups and downs in economy-wide economic activity • National income • Employment • Prices
Expansion
The ups and downs in economy-wide economic activity • National income • Employment • Prices
A business fluctuation in which overall economic activity is rising at a more rapid rate than previously, or at a more rapid rate than the overall historical trend for the nation.
A business fluctuation during which the pace of overall economic activity is slowing down.
Recession
An extremely severe recession.
A period of time during which the rate of growth of business activity is consistently less than its long-term trend or is negative.
Depression
A period of time during which the rate of growth of business activity is consistently less than its long-term trend or is negative.
An extremely severe recession.
Labour force
= (#unemployed/labour force) *100
= unemployed + employed
= ((employed + unemployed) /working age population) *100
= (#employed/labour force) *100
= (Employment/pop 15+) *100
Unemployment rate
= (#unemployed/labour force) *100
= ((employed + unemployed) /working age population) *100
= (#employed/labour force) *100
= unemployed + employed
= (Employment/pop 15+) *100
Employment rate
= (#employed/labour force) *100
= unemployed + employed
= ((employed + unemployed) /working age population) *100
= (#unemployed/labour force) *100
= (Employment/pop 15+) *100
Labour force participation rate
= (#employed/labour force) *100
= (#unemployed/labour force) *100
= ((employed + unemployed) /working age population) *100
= (Employment/pop 15+) *100
= unemployed + employed
Employment to population ratio
= unemployed + employed
= ((employed + unemployed) /working age population) *100
= (#employed/labour force) *100
= (Employment/pop 15+) *100
= (#unemployed/labour force) *100
Duration of Unemployment
Individuals who have dropped out of the labour force and are no longer looking for a job because they believe the job market has little to offer them.
The duration of unemployment during a downturn in the economy is likely to increase.
The percentage of working-age individuals who are employed or seeking employment.
Discouraged Workers
The duration of unemployment during a downturn in the economy is likely to increase.
Individuals who have dropped out of the labour force and are no longer looking for a job because they believe the job market has little to offer them.
The percentage of working-age individuals who are employed or seeking employment.
Labour Force Participation Rate
Individuals who have dropped out of the labour force and are no longer looking for a job because they believe the job market has little to offer them.
The percentage of working-age individuals who are employed or seeking employment.
The duration of unemployment during a downturn in the economy is likely to increase.
Structural unemployment
Unemployment that occurs when there is a mismatch between available jobs and available skills. It is when a worker’s skills don’t match any jobs in the market (ex. A technological change which makes certain jobs obsolete).
Unemployment that varies with the business cycles. It is associated with change in the business conditions – primarily recessions and depressions.
It is a subgroup of structural unemployment. It is unemployment that varies with the seasons (ex. A ski instructor does not work in the summer).
Individuals moving from job to job and in and out of unemployment. They include those seeking a job for the first time. There will always be some frictional unemployment because jobs can not be found instantly. It is unrealistic to think we could have a zero unemployment level because of that.
Seasonal unemployment
It is a subgroup of structural unemployment. It is unemployment that varies with the seasons (ex. A ski instructor does not work in the summer).
Unemployment that occurs when there is a mismatch between available jobs and available skills. It is when a worker’s skills don’t match any jobs in the market (ex. A technological change which makes certain jobs obsolete).
Individuals moving from job to job and in and out of unemployment. They include those seeking a job for the first time. There will always be some frictional unemployment because jobs can not be found instantly. It is unrealistic to think we could have a zero unemployment level because of that.
Unemployment that varies with the business cycles. It is associated with change in the business conditions – primarily recessions and depressions.
Cyclical unemployment
Unemployment that occurs when there is a mismatch between available jobs and available skills. It is when a worker’s skills don’t match any jobs in the market (ex. A technological change which makes certain jobs obsolete).
Unemployment that varies with the business cycles. It is associated with change in the business conditions – primarily recessions and depressions.
Individuals moving from job to job and in and out of unemployment. They include those seeking a job for the first time. There will always be some frictional unemployment because jobs can not be found instantly. It is unrealistic to think we could have a zero unemployment level because of that.
It is a subgroup of structural unemployment. It is unemployment that varies with the seasons (ex. A ski instructor does not work in the summer).
Frictional unemployment
It is a subgroup of structural unemployment. It is unemployment that varies with the seasons (ex. A ski instructor does not work in the summer).
Individuals moving from job to job and in and out of unemployment. They include those seeking a job for the first time. There will always be some frictional unemployment because jobs can not be found instantly. It is unrealistic to think we could have a zero unemployment level because of that.
Unemployment that varies with the business cycles. It is associated with change in the business conditions – primarily recessions and depressions.
Unemployment that occurs when there is a mismatch between available jobs and available skills. It is when a worker’s skills don’t match any jobs in the market (ex. A technological change which makes certain jobs obsolete).
Natural rate of unemployment
Is the rate that prevails when only frictional and structural unemployment exist. It is about 6.6% in Canada.
Occurs only if workers who are between jobs and those whose skills are not needed in the economy are unemployed.
Doesn’t mean that everyone is working (i.e. Full time student, stay at home parents)
Full employment
Occurs only if workers who are between jobs and those whose skills are not needed in the economy are unemployed.
Doesn’t mean that everyone is working (i.e. Full time student, stay at home parents)
Is the rate that prevails when only frictional and structural unemployment exist. It is about 6.6% in Canada.
Full employment
Doesn’t mean that everyone is working (i.e. Full time student, stay at home parents)
Occurs only if workers who are between jobs and those whose skills are not needed in the economy are unemployed.
Is the rate that prevails when only frictional and structural unemployment exist. It is about 6.6% in Canada.
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