EC140 Chapter Notes - Chapter 21: Discouraged Worker, Hyperinflation, Full Employment

47 views6 pages
23 Feb 2015
School
Department
Course
Professor
meghan78 and 39778 others unlocked
EC140 Full Course Notes
21
EC140 Full Course Notes
Verified Note
21 documents

Document Summary

Loss incomes and production: unemployment benefits create a safety net, but they don"t full replace lost earnings. Lost human capital lowers the living standard in both the present and the future. Four labour market indicators: the unemployment rate. Frictional unemployment: definition: people entering and leaving the labour force and from the ongoing creation and destruction of jobs. Is permanent and healthy phenomenon in a dynamic growing economy. Structural unemployment: definition: unemployment when changes arise in technology or international competition change the skills needed to perform jobs or change the locations, this lasts longer than frictional unemployment because workers must retrain and find another job. Cyclical unemployment: definition: higher than normal unemployment at a business cycle and lower than normal unemployment at a business cycle peak, example. A worker who has been laid off because the economy is in recession and who gets rehired some months later when the expansion begins.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers

Related Documents

Related Questions