- The Census Bureau conducts a monthly study called the Current Population Survey
- Structural unemployment is unemployment that results from changes in technology or in the way the economy is structured
- Frictional unemployment is unemployment attributed to workers moving from one job to another
- Seasonal unemployment affects primarily agricultural workers
- The unemployment rate is the most closely watched and highly publicized labor force statistic
- Aggregate supply is the total amount of goods and services produced throughout the economy.
- A supply shock is an event that increases the cost of production for all or many firms
- Economists use price indexes to calculate the inflation rate
- The worst degree of inflation is called hyperinflation
- To construct the consumer price index, the Bureau of Labor Statistics selects a sample of commonly purchased consumer items, called the market basket
- The data used to plot a Lorenz Curve can also be used to compute the Gini Index
- Rapid changes in technology have led to a drop in demand for lower-skilled workers.
- The poverty threshold is the lowest income level that a family needs to maintain a basic standard of living
- One suggestion for improving income equality is raising the minimum wage
- The heavy corporate downsizing of the late 1980s and early 1990s increased unemployment and resulted in many workers settling for lower-paying jobs