ECON 102 Lecture Notes - Lecture 15: Unemployment, Marginal Cost, Unemployment Benefits
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Document Summary
Most personal of all economic variables hapter 15: unemployment. Adult population = labor force(lf) + not in labor force (nlf) Statistics show unemployment exists in the same small group of people for a while. Natural rate of unemployment = n = acceptable rate of unemployment in an economy in a period of time (a benchmark in a way, adjusted every few years) In times of a good economy, natural rate is lower, vice versa. Actual unemployment rate is called cyclical unemployment. If minimum wage is above equilibrium there is unemployment it lessens the amount of jobs. Union (cid:3450) group of workers who form a bond to collectively bargain. 18% of population is now part of a union. For ex: #1 goal of teachers union = income(cid:3449) #1 effect of union is unemployment of non-unionized workers. Minimum wage and union wage are the exact same effect on unemployment. Paying employees more = effective workers, better health, best of the best.
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