ECON 1020 Lecture Notes - Lecture 7: National Research Universal Reactor, Hyperinflation, Homicide

• School: University of Manitoba
• Department: Economics
• Course: ECON 1020
• Professor: R.Compton

Document Summary

Peak: economy at full employment and real output close to: alternating increases and decreases in economic activity over time, phases: economy"s output their lowest levels rise toward full employment period of decline in output, income and employment point in recession where output and employment reach phase of business cycle where output and employment. How ue rate is understated: part time employment (cid:222) (cid:222) (cid:222) (cid:222) (cid:222) Definition of full" employment: aka natural rate of unemployment (nru, not zero unemployment, occurs when no cyclical unemployment and economy achieving its potential output, not automatic that rate you have is equal to natural rate, varies over time. People tend to identify themselves partially through what they do, don"t like to not do anything: poverty, racial and ethnic tensions, reduces hope for material advancement, suicide, homicide, and physical/mental illness, severe unemployment can lead to rapid and violent social and political change (cid:222) what is it.