ECON 20B Chapter Notes - Chapter 28: Price Floor, Progressive Alliance Of Socialists And Democrats, Unpaid Work
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ECON 20B Full Course Notes
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Obvious determinant of a country"s standard of living (sol) is the amount of unemployment it typically experiences. Achieves a higher level of gdp than it would if it left many of its workers idle. Natural rate of unemployment - amount of unemployment that the economy normally experiences. This employment is not desirable and does not go away on its own even in the long run. Cyclical unemployment - year to year fluctuations in unemployment around its natural rate. Closely associated with the short-run ups and downs of economic activity. Job of the bureau of labor statistics (bls) to measure unemployment. Bls places each adult (16 and older) into one of three categories: Employed - those who worked as paid employees, worked in their own business, or worked as unpaid workers in a family member"s business. Those who were not working but who had jobs from which they were temporarily absent.
