Unemployment caused by annual Some workers have Seasonal changes in the less work unemployment weather or other during certain seasons conditions that (construction, etc) prevail at certain times of the year Consumer, investment, Sectors of macro government, foreign Parts of the economy economy (4) sectors that control how much money a country makes GDP = C + I + G + F Unemployment When workers lose jobs caused by a because they Structural fundamental change are not needed unemployment in the economy that (skills outdated, reduces the demand products for some workers no longer needed) Unemployment caused by Technological technological When workers are unemployment development or replaced by automation that machines/computers make some workers’ skills obsolete Point in time when Trough real GDP stops When GDP stops declining and begins declining to expand Ratio of unemployed individuals divided Unemployment by total number of People out of work rate persons in the divided by civilian labor force, number of able workers expressed as a percentage Government or private agency programs that Welfare Govt agency that gives provide general $$ to people in need economic and social assistance to needy individuals Fiscal & Monetary Policy Image Definition What that means Bank actions Changes in the money Monetary supply of a nation in policy Changing supply of order to influence its money in order to economy change the economy Expenditures, Fiscal policy Government actions and borrowing made by a government in
Seasonal unemployment Unemployment caused by annual changes in the weather or other conditions that prevail at certain times of the year Some workers have less work during certain seasons (construction, etc) Sectors of macro economy (4) Consumer, investment, government, foreign sectors GDP = C + I + G + F Parts of the economy that control how much money a country makes Structural unemployment Unemployment caused by a fundamental change in the economy that reduces the demand for some workers When workers lose jobs because they are not needed (skills outdated, products no longer needed) Technological unemployment Unemployment caused by technological development or automation that make some workers’ skills obsolete When workers are replaced by machines/computers Trough Point in time when real GDP stops declining and begins to expand When GDP stops declining Unemployment rate Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage People out of work divided by number of able workers Welfare Government or private agency programs that provide general economic and social assistance to needy individuals Govt agency that gives $$ to people in need Fiscal & Monetary Policy Image Definition What that means Monetary policy Changes in the money supply of a nation in order to influence its economy Bank actions Changing supply of money in order to change the economy Fiscal policy Expenditures, and borrowing made by a government in Government actions
econ_key_terms.docx