ECN 204 Chapter Notes - Chapter 9: Unemployment, Business Cycle, Potential Output

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Ecn204 chapter 9 cycles, unemployment, inflation. Canada"s economic growth has been interrupted with periods of instability from uneven growth, inflation accompanies rapid growth and higher prices, and decline in output and inflation during the recession. Phases of the business cycle include the (1) peak, (2) recession, (3) trough, (4) expansion. Peak business activity reaches maximum full employment and output. Recession decline in total output, income, employment, trade for at least 6 months. Expansion recovery when output and employment are expanding toward full employment levels. Causation irregular innovation, productivity changes, monetary factors, political events, financial instability. Durable affects most capital goods and consumer durables. Non-durable affected less like services, food, and clothing. Population divided into three groups (1) those under 15, (2) those not in the labor force, and (3) those in the labor force. Four types of unemployment (1) frictional, (2) structural, (3) cyclical, and (4) seasonal. (1) frictional those searching and waiting for jobs.

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