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Chapter 21

Economics 1022A/B Chapter Notes - Chapter 21: Unemployment, Potential Output, Output Gap


Department
Economics
Course Code
ECON 1022A/B
Professor
Jeannie Gillmore
Chapter
21

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     
Macroeconomics 1022B
Lecture Cycle 2
Chapter 21: Measuring GDP and Economic Growth
Employment and Unemployment
Why Unemployment is a Problem


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 
Labor Force Survey
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 "&((
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  /
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 ,
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     
 ;
Four Labor Market Indicators
$%&!!'
 The Unemployment Rate
< .("
()*+!(,--.
/0

Involuntary Part-Time Rate
4.,/< .(""&,
",)
)*+!,--.
/0
9 Labor Force Parcipaon Rate
.< .("&(,(

/0)*/0,--.
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$ Employment-to-Populaon Rao
0,,.< .("&((")
)*+!,--.
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     #
Other De)nitions of Unemployment
!=>5
(?">(#!,
!2
 Discouraged Searchers
@( .""&(&("&
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&(
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2. Long-Term Future Starts
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)$"&
1=B$"&3
9 Involuntary Part-Timers
4.,/ .,"&""&
,)A> ,
1=3
Alternative Measures of Unemployment
!C
*9"=$

;"

D(

Unemployment and Full Employment
/"")"&( "
E8F5(5
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