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Ch07newFA07post - Chapter 7 Macroeconomics: Unemployment &...

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Macroeconomics: Unemployment & Inflation Chapter 7
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Chapter Outline Unemployment Inflation Business Fluctuations
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Question Who are the unemployed? Unemployment The total number of adults who are and who are Unemployment: Defintion
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Question What are the costs of unemployment? Answer Lost Early 1990s unemployment rate was 7% Factory output was 80% of potential Lost output was 4% of total production or $275 billion of goods and services that could have been produced Unemployment: The Cost
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The unemployment rate is the percentage of the measured Unemployment: Measuring
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In December 2009 the unemployment rate was Question How is the unemployment rate calculated? Unemployment: Measuring
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Labor Force Individuals aged 16 years or older who either have Unemployment: Measuring Labor force =
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* = + Unemployment: Measuring *U.S., millions of people; as of June 2007, Bureau of Labor Statistics Labor force = Unemployment rate = x 100% = x 100 % =
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Unemployment categories Job loser Reentrant Job leaver New entrant Unemployment: Categories
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Duration of unemployment
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This note was uploaded on 02/02/2010 for the course ECON-E 202 taught by Professor Nahn during the Spring '08 term at Indiana.

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Ch07newFA07post - Chapter 7 Macroeconomics: Unemployment &...

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