Lecture 10

Lecture 10 - 1 Unemployment a LF b U vs E c Cost of U d...

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1. Unemployment a. LF b. U vs. E c. Cost of U d. Types of U 2. Inflation 3. Macro Th. LF (labor force) = WAP - Unwilling WAP = Working age Population that is able to work, Pop C (taking out full-time military) – 16&younger LF = Employed + Unemployed (u) Unemployment rate = Unemployed/LF Example: wap = 100, LF = 80, labor force participation rate (LFPR) = LF/WAP LF = 72 with jobs, 8 without jobs u= 10% LFPR increasing for women since the 70s, decreasing for men LFPR differs among races, different age groups (e) employment rate = Employed/WAP = employment to population ratio e = 72% 1. Part time = includes people that are willing to part time work, people that want a full-time but due to bad economy has a part time job (considered employed) 72 = 60 FT + 12 PT (6 that want FT, when considered half unemployed, unemployment rate is not accurate) 2. Discouraged workers, those that are discouraged after many unsuccessful interviews,
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Lecture 10 - 1 Unemployment a LF b U vs E c Cost of U d...

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