ECON102 Lecture Notes - Lecture 2: Price Level, Potential Output, Deflation

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ECON102 Full Course Notes
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ECON102 Full Course Notes
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Lecture 2 chapter 5: introduction to macro-economy. Costs of unemployment: poverty, crime, low level of consumption. In the participation force, then 6 million are employed and 2 million are unemployed, then the unemployment rate is 25% percent, if. 25% isn"t working then 75% is working (100 25): participation rate is the amount participating in the labor force over all the number of peoples. Employment rate is the employed number of people over the number of people in the labor force, unemployment rate can be either 100 employment or number of unemployed people over number of people in the labor force. Ex: a physician working as a taxi driver. It is underemployed because the economy is not benefitting from all the skills of the person who is overqualified, his/her some skills are wasted/ not used (some of their skills are unemployed) for the economy. The official unemployment rate does not consider that.

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