econ quiz 5 sg
Popular in Introductory Macroeconomic Analysis and Policy, Goffe
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This 1 page Study Guide was uploaded by Evangelos Katradis on Saturday March 26, 2016. The Study Guide belongs to ECON 104 at Pennsylvania State University taught by Goffe in Spring2015. Since its upload, it has received 59 views.
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Date Created: 03/26/16
• unemployment rate = [(unemployed + marginal attached + part time want full) / (labor force + marginal attached)] • Terms: • unemployed not working but actively searching labor force employed + unemployed (or working & searching for a job) • • unemployment rate labor force/ unemployed • labor force participation rate labor force/population aged 16+ • Frictional unemployment time period between jobs when a worker is searching for, or transitioning from one job to another. • Cyclical unemployment unemployment that results when the overall demand for goods and services in an economy cannot support full employment. • Structural unemployment a form of unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers. • Okun's law the relationship between an economy's unemployment rate and its gross national product (GNP) • real interest rate= nominal interest rate inflation rate • money 1) medium of exchange 2) a store of value 3) a unit of command 4) standard of deferred payment
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