1. Actual growth: An increase in the
real GDP/ When points inside the PPC move towards its boundary
2. Birth rate: The average number of
live births per thousand people in a country over a given time period, usually
a year
3. Business/ trade cycle: Fluctuations
in the national output of a country which involves a succession of stages or
phases like boom, recession, slump and recovery
4. Death rate: The average number of
deaths per thousand people in a country over a given time period, usually a
year
5. Demand deficiency/ cyclical
unemployment: Joblessness which is due to the fall in aggregate demand (AD)
6. Disguised unemployment: Joblessness
that are not captured by the official statistic due to reasons like the stigma
of claiming benefits and strict inclusion which resulted in many unemployed
people being deliberately excluded
7. Economic development: A broader
perspective that goes beyond an increase in the national output/ income to
include factors that can affect the quality of life
8. Frictional/ search unemployment:
Joblessness that will always exist in an economy because some people may take a
longer time to move from one job to another
9. Full employment: The level of
employment as a result of everyone who is willing and able to work having a
job, with the exception of those who are frictionally unemployed
10. Migration: The movement of people
from one area to another, either within or between countries
11. Natural rate of unemployment: The
rate of unemployment that will exist even when the labour market is in the
state of equilibrium/ even when the economy is running at full capacity
12. Optimum population: The number of
people in a country that will produce the highest per capita economic return
given that the existing resources are fully and efficiently utilised
13. Potential growth: An increase in the
potential GDP/ When PPC shifts outward
14. Real wage/ classical unemployment:
Joblessness that occurs because the real wage is above the equilibrium level
15. Regional unemployment: Joblessness
that disproportionately concentrates in one particular region
16. Structural unemployment: Joblessness
which is due to a change in the structure of an economy, say from manufacturing
to service sector
17. Sustainability: It is when resources
are being exploited in the most optimal way, benefiting not just the present generation
but also the future generations
18. Technological unemployment:
Joblessness which is resulted from an improvement in the level of technology
such as manual workers being replaced by machines
19. Voluntary unemployment: Joblessness
that exists because some people have chosen not to work because they do not
feel that wages at the existing equilibrium are high enough to justify them
working
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