Summary: Principles Of Economics
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Read the summary and the most important questions on Principles Of Economics
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Principles of economics H4
This is a preview. There are 25 more flashcards available for chapter 03/12/2019
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Full employments and potential output
Because of frictional and structural unemployment --> full emplpyment occurs at less than 100 procent employment of the labour force -
Economy is fully employed when
There is no cyclical unemployment -
Economic costs of unemployment
Forgone output = basic economic cost of unemployment -
If actual GDP IS above or below potential GDP this results in a
GDP gap -
Negative GDP gap
Actual GDP < potential GDP
accompanied by higher unemployment rate and forgone income -
Cost push inflation
Occurs due to increase in the price level caused by shart rise of the costs of key resources --> supply shocks are the main source of cost push inflation -
Who is hurt by inflation
- fixed income receivers --> real income falls
-savers --> value of accumulated savingsdeteriorates - creditors --> lenders get paid back in ''cheaper euros'' -
Who is not hurt by inflation
- debtors
- flexible income receivers --> social security -
Principles of Economics H5
This is a preview. There are 28 more flashcards available for chapter 21/12/2019
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AD - AS model provides keen insights in
Inflation, recession, unemployment and economic growth -
The as curve in the short and long run vary by
The degree of wage adjustment
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