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11 Cards in this Set
- Front
- Back
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Growth rate cycles
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growth rate cycle downturn
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The business cycle
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less sensitive
Miss a lot of volatility in the economy |
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Polulation survey
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Working-age polulation
Labour force |
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4 labour market indicators
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the unemployment rate
the involuntary part-time rate the labor force participation rate the employment-to-population ratio |
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Aggregate hours
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the total number of hours worked by all the people employed, both full time and part time, during a year
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Real wage rate
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the quantity of goods and services that an hour's work can buy
Money wage rate($ per hour)/price level |
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Unemployment
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Sources
Duration Demographics Types |
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4 types
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Frictional
Structural Seasonal Cyclical |
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Full employment
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occurs when there is no cyclical unemployment
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Natural rate of unemployment
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unemployment rate at full employment
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Consumer Price Index
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a measure of the average of the prices paid by urban consumers for a fixed basket of consumer goods and services
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