ECON 105 Lecture Notes - Lecture 7: Nominal Interest Rate, List Of Icarly Episodes, Efficiency Wage
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ECON 105 Full Course Notes
Employment statistics: (know calculations for midterm: the p(cid:396)i(cid:373)a(cid:396)y sou(cid:396)(cid:272)e of e(cid:373)ploy(cid:373)e(cid:374)t statisti(cid:272)s i(cid:374) ca(cid:374)ada is tatisti(cid:272)s ca(cid:374)ada"s labour. In a perfectly competitive labour market, the wage adjusts to w0 so the ls ld = In minimum wage of w1>w0, we have ls>l0>ld: we have a surplus of labour (structural unemployment, unions and efficiency wages work the same way. In the perfect competition model, buyers (employers_ and sellers (workers) find each their immediately. In the real world, it often takes time to match buyers and sellers: this is true for ordinary consumer goods (shopping) Job creation = employer decides to search for new workers. Inflation: as discussed earlier, inflation is general rise in prices overtime, we measure the inflation rate as the growth rate in a price index. If all prices (including your ages go up by 10%, the real value of your earnings has not changed. Inflation reduces the real value of outstanding debt.