15 Things Learned:
1. Anyone who is not classified as either employed or unemployed is not in the labor force.
2. The Census Bureau conducts a monthly study called the current population survey.
3. Full employment means about 95% of the population is employed.
4. Seasonal unemployment effects mainly agricultural workers.
5. Unemployment rate is the most closely watched and highly publicized labor force statistic.
6. An increase in the average price level of all products in an economy is called inflation.
7. A decrease in the average price level of all goods and services in an economy is known as deflation.
8. To measure the price level, economists construct a price index.
9. The worst degree of inflation is called hyperinflation.
10. High interest rates lead to less consumer spending.
11. Aggregate supply is the total amount of goods and services produced throughout the economy.
12. The poverty threshhold is the lowest income level that a family needs to maintain a basic standard of living.
13. Poverty thresholds are adjusted annually based on changes in the consumer price index.
14. The data used to plot a Lorenz Curve can also be used to compute the Gini Index.
15. One suggestion for improving income equality is raising the minimum wage.