Econ Chpt 7 - Chapter 7 Economic growth An increase in real...

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Chapter 7 Economic growth An increase in real GDP occuring over some time period An incread in real GDP per capita occuring over some time period Real GDP 10,755.7 billion in 2004 11,134.8 billion in 2005 11,134.8 billion – 10, 755.7 billion DIVIDED BY 10,755.7 TIMES 100 Unemployment Labor force – 50% of of the total population in 2005 Unemployment rate = unployed / labor force X 100 Part time employment – those who work partial time Discouraged workers – those who get discouraged and leave the work force Frictional unemployment- a type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; un-employed workers between jobs Structural employment – unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available Cyclical unemployment – a type of unemployment caused by insufficient total spending or by insufficient aggregate demand
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This note was uploaded on 03/30/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Fall '08 term at Penn State.

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Econ Chpt 7 - Chapter 7 Economic growth An increase in real...

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