Econ Notes 1 - Econ Notes Recession-Now Job Loss...

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Econ Notes Recession-Now Job Loss Recovery-More productions with less jobs Recessions in 70’s and 80’s had higher unemployment & bigger Losses in GDP Consumption expenditures Depreciation of currency adds to inflation Target inflation 2% Opportunity Cost – Value of giving up next best thing STAYING IN TEXAS MOVING TO MIAMI Better Weather Less Traffic Beach Higher Real Wage Fishing  Less Crime Golfing Bigger Office Better Department (^Units of Satisfaction) - Cost ofLiving Adjustment (COL 4%, Inflation 4%) Offset Cost of Inflation - Real wage = W/P
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