Chapter 22

Chapter 22 - A. Economic Growth (EG) 1) Definition- if in...

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Unformatted text preview: A. Economic Growth (EG) 1) Definition- if in one period of time were producing more stuff than another period 2) Measure- percent change in real GDP (Gross Domestic Product) 3) Major issue: fluctuations over time- grow at same rate from one quarter to the next a) Long run: changes in productivity- years, centuries, decades; output per worker per hour b) Short run: business cycle- short run fluctuations in EG c) Recession, depression, expansion d) Example: productivity (procyclical)- moving with the business cycle; during expansions productivity growth increases, on the other hand it contracts under recession B. Unemployment: The basics 1) Definitions- doesnt mean not having a job a) Unemployment rate- % of some subset of the population of the country who is considered to be unemployed b) Labor Force Participation Rate(LFPR)- % of some subset of the population of the country which is either employed or unemployed 2) Measurement: BLS Household Survey a) Employed- questions to determine employment: did any work this week as a paid employee, work on your own...
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Chapter 22 - A. Economic Growth (EG) 1) Definition- if in...

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