Econ Topic 7

Unemployment Rate

• the percentage of a nations labor force that is not working

• the level of employment reached when there is no cyclical unemployment

• working at a job for which one is overqualified or working part time when full time is wanted

• someone that wants a job but has given up looking

Full Employment

• the percentage of a nations labor force that is not working

• the level of employment reached when there is no cyclical unemployment

• working at a job for which one is overqualified or working part time when full time is wanted

• someone that wants a job but has given up looking

Poverty Threshold

• an income level below that which is needed to support families or households

• percentage of people who live in households with income below the official poverty line

Underemployed

• the percentage of a nations labor force that is not working

• the level of employment reached when there is no cyclical unemployment

• working at a job for which one is overqualified or working part time when full time is wanted

• someone that wants a job but has given up looking

Deflation

• a general increase in prices across the economy

• a sustained drop in the price level

Discouraged Worker

• the percentage of a nations labor force that is not working

• the level of employment reached when there is no cyclical unemployment

• working at a job for which one is overqualified or working part time when full time is wanted

• someone that wants a job but has given up looking

Purchasing Power

• the ability to buy goods and services

• process which rising pay causes higher prices and higher prices cause higher pay

• not having the ability to buy goods and services

• process which lower prices cause lower pay and lower pay causes lower prices

Wage Price Spiral

• the ability to buy goods and services

• process which rising pay causes higher prices and higher prices cause higher pay

• not having the ability to buy goods and services

• process which lower prices cause lower pay and lower pay causes lower prices

Inflation

• a general increase in prices across the economy

• a sustained drop in the price level

Poverty Rate

• an income level below that which is needed to support families or households

• percentage of people who live in households with income below the official poverty line