ECON 1010 Chapter Notes - Chapter 21: Potential Output, Hyperinflation, Price Level
Document Summary
Macroeconomics chapter 21 monitoring jobs and inflation (key terms) Consumer price index a measure of the average of the prices paid by urban consumers for a fixed basket of consumer goods and services. Core inflation rate inflation rate excluding volatile elements. Cyclical unemployment the higher than normal unemployment as a business cycle trough and the lower than normal unemployment at a business cycle peak. Discouraged searcher person who currently is neither working nor looking for work but has indicated that he/she wants a job. Employment to population ratio the percentage of people of working age who have jobs. Frictional unemployment the unemployment that arises from the normal labour turnover we"ve just described from people entering and leaving the labour force and from the ongoing creation and destruction of jobs. Full employment situation in which the unemployment rate equals the natural unemployment rate.
