- Labor Force - employed + unemployed.
- Not in the labor force.
- Kids.
- Military personnel.
- People who are mentally insane.
- People who are in prison.
- Stay at home parents.
- Full time students.
- Retirees
- Discourage workers - people who are constantly turned down for jobs.
Unemployed - 16 of aged or older without a job, but have been actively looking for one for 2 weeks.
Unemployment Rate
- (Number of unemployed / Labor force) x 100
- Seasonal - waiting for the right time ( Ex. : Mall Santa).
- Frictional - in between jobs. New opportunity, change in education level, lifestyle, or choices).
- Structural - lack of skills, change in technology, or a declining industry ( Ex. : NASA in Clearlake closes- old employees wont find jobs, because they are not properly trained for the job).
- Cyclical - downturns in the business cycle, bad for society as well as individuals. Recession is in place.
_ NRU (Natural Rate of Unemployment) = 4% - 5% (Desired).
Okun's Law - for every 1% of unemployment above the NRU, causes a 2% decline in Real GDP.
Rule of 70 - the amount of time it takes to double the price level.
_ 70 / annual inflation rate.
Instead of posting a new blog for each section, I think you should have it all in one so that it's easier to find information. Even though it's like this, you still have everything and you've labeled and underlines each section and important information. Overall, you blog is colorful and you post new notes as the week goes by so by the end of the week, you're done.
ReplyDeleteThank you for your input.
DeleteYour notes and information are very neatly done. I liked that you have some of your notes in tables, and that you color-coordinated your notes. I also liked how you included examples for calculations, and also scenarios in where inflation may hurt or benefit.
ReplyDeleteThank you for your input.
DeleteI liked how you color coordinated your information, it made it so much easier too see the different topics. I also liked how you added a video at the end.
ReplyDelete