ECO 111 Lecture Notes - Lecture 1: Gross Domestic Product, Liquor License, Excise
Document Summary
All modern economies have elements of socialism: redistributing tax dollars to other people. Measure our economy through the stock market (most people don"t look to this bc not everyone is involved), unemployment rate, gdp (gross domestic product: value of our products), inflation rate. In order to be unemployed by the govt you must: not working, actively seeking a job in your field, between 16 and 65, a us citizen. 4. 5% are unemployed in the us = good for the economy. Types of unemployment/ why people become unemployed: These workers may have to adapt to improve their skills to find work. Seasonal: some jobs are only based on a particular time of year. Frictional: people who are either just entering the job market or who have left the market in the hopes of making a change, (college grads and elderly) Cyclical: some industries are susceptible to job losses during economic downturns, as consumer buy less of their products.
