LectureSlides_Chp6 - Chapter 6 Jobs and Unemployment...

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Chp. 6 1 Potential GDP Potential GDP is the value of real GDP when all the economy’s factors of production are fully employed. Our changing standard of living is captured by 1. The growth of potential GDP per person 2. Fluctuations of real GDP per person around potential GDP Chapter 6 Jobs and Unemployment
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Chp. 6 2
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Chp. 6 3 Business Cycle Fluctuations in the pace of economic activity is called the business cycle . The business cycle is a periodic irregular up- and down movement of total production and other measure of economic activity.
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Chp. 6 4 Business Cycle The four stages of a business cycle are expansion, recession, peak, and trough. Increases in overall economic activity; often identified as increases in real GDP is called an expansion. Peak ” is the highpoint in a business cycle. Decreases in overall economic activity; often identified as reductions in real GDP is called a recession. Trough ” is a low-point in a business cycle.
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Chp. 6 5 Source: research.stlouisfed.org
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Chp. 6 6 Current Population Survey Divides the population into working-age population and others Working-age population is the total number of people aged 16 years and over who are not in a jail, hospital, or some other form of institutional care or in the U.S. Armed Forces. Divides the working-age population into
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This note was uploaded on 10/11/2010 for the course BIOL 2220 taught by Professor Kumar during the Spring '10 term at East Texas Baptist University.

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LectureSlides_Chp6 - Chapter 6 Jobs and Unemployment...

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