Labor Force (should be relate to Canada)
Due Date: Aug 7, 2013
What is labor force?
_ The labor force is the measure of those participating in paid employment in a given country.
The labor force participation rate is the ratio betwe
Aggregate supply is the relationship between the price level in the
economy and the quantity of aggregate output firms are willing and
able to supply, other things held constant
The foundation of aggregate supply is the labor market
Business Cycles and
Phases of the Business Cycle.
Recession: Two back to back quarters
Depression: Three consecutive
declining quarters in a row.
Three Kinds of
An increase in the capacity of an economy to produce
goods and services, compared from one period of time
to another. Economic growth can be measured in
nominal terms, which include inflation, or in real
terms, which are adjusted for inflation. For compar
The Strength of a Nation
When is an Economy Successful?
It is the goal of all economies to:
Maintain Stable Prices
Nations routinely use at least six different
measurements to determine t
OBJECTIVE OF LEARNING
identify the different degrees of inflation
identify the causes of inflation
calculate the inflation rate
consider the various costs that inflation
imposes on society
INTRODUCTION TO MACROECONOMICS
8.1 INTRODUCTION TO
examines the behavior of individual decision-makingunits business firms and households.
deals with the economy as a whole; it examines the
behavior of ec
In economics, inflation is a rise in the
general level of prices of goods and
services in an economy over a period
Inflation can also be described as a
decline in the real value of moneya
loss of purchasing power.
is a study of social science.
Developed out of the broader field of political
economy owing to a desire to use an empirical
Aim to explain how econo
Measuring the Economy
1. Defined $ value of products made within
a countrys borders.
2. Used by economists & leaders to analyze
domestic and foreign economic policy.
B. Ways of Calculating GDP
1. Expenditure Approach - Add together
a. Add together
What is Unemployment?
In economics, unemployment refers to the condition of unwanted job losses,
or willing workers without jobs. The willingness of the unemployed worker
to be employed is the key to the idea.
A person who is :Physically
Is a steady an upward
movement in the level of
purchasing power over a
period of time, usually
Extremely rapid or
out of control
Hyperinflation is a