Lernkarten

Marco Wernli
Karten 42 Karten 0 Lernende English Universität 04.10.2020 / 04.10.2020 Keine Angabe
0 Exakte Antworten 39 Text Antworten 3 Multiple Choice Antworten

Explain the term lockout

lockouts are periods in which union workers are locked out and rendered unemployed

Explain the term efficiency wages

Wages that employers set above the equilibrium wage rate as an incentive for their workers to perform better

What is the natrual rate of unemployment?

The natural rate of unemployment is the normal unemployment rate around which the actual unemployment rate fluctuates. It is the rate of unemployment that arises from the effects of frictional plus structural unemployment. Important to know is, that the natural rate of unemployment changes over time, and that it can be affected by government policies.

Natural Unemployment = Frictional Unemployment + Structural Unemployment

What is the cyclical unemployment?

Cyclical unemployment is the deviation of the actual rate of unemployment from the natural rate; that is, it is the difference between the actual and natural rates of unemployment.

Actual Unemployment = Natural Unemployment + Cyclical Unemployment

Explain the term real wage

A worker's real wage is the wage rate divided by the prce level. The inflation has no effect on the real wage!

Explain the term real income

Real incomes are incomes divided by the price level. The inflation has no effect on the real income!

How do you calculate the inflation rate?

Lizenzierung: Keine Angabe

inflation rate: the percent increase in the overall level of prices per year.

Explain the term deflation.

The phenomenon where the inflation rate is negative is called deflation