Economics

The # of unemployed people divided by the size of the labor force

unemployment rate
All persons over 16 who are either working for pay or actively seeking paid employment

labor force
the lowest rate of unemployment compatible with price stability

full employment
Income received in a given time period measured in current dollars

nominal income
the value of output measured in current prices is known as __________ GDP

nominal
nominal income adjusted for inflation

real income
computed by the Bureau of Labor Statistics as the average price of consumer goods.

consumer price index

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Card Set

Economics

Description

Economics- Study guide

Updated

2010-05-04T15:36:41Z

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