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Lecture 14

ANTHRO 157 Lecture Notes - Lecture 14: Business Cycle, Market Basket

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Measuring unemployment
Unemployment rate shows % of total labor force that isn't working but looking for
Each month department of labor releases stats on employment to understand
how well economy is doing
Types of unemployment
1. Frictional - short term unrelated to business cycle
a. Waiting for better job, reentering market, entering first time
b. Always present
c. Little impact on economy
2. Structural - involuntary but unrelated to business cycle
a. Mismatch between available jobs and skills of workers in industry
i. If birthrate declines, fewer teachers needed.
3. Cyclical - downturn in business cycle reduces demand for labor
a. Widespread
b. Even ppl with good job skills can't find jobs
4. Seasonal - occurs during specific periods of the year in certain industries
a. Retail workers hired for holiday shopping season, lettuce pickers in
California, restaurant workers in ski country during summer
Keeping prices steady
Keep prices for goods and services steady
Inflation - average of all prices of goods and services rise
Inflation's higher prices reduces purchasing power, value of what money can
Purchasing power is a function of inflation and income.
If income rises at same time as inflation = no change in purchasing power
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