New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Econ 2105, Week 3 Pt. 1

by: Hagar Notetaker

Econ 2105, Week 3 Pt. 1 ECON 2105 080

Hagar Notetaker
GPA 4.0

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Chp. 7 Notes pt. 1
Class Notes
Econ, Economics, Macroeconomics, chp.7, week3
25 ?





Popular in Economics

This 3 page Class Notes was uploaded by Hagar Notetaker on Wednesday September 7, 2016. The Class Notes belongs to ECON 2105 080 at Georgia State University taught by in Summer 2016. Since its upload, it has received 36 views. For similar materials see PRINCIPLES OF MACROECONOMICS in Economics at Georgia State University.


Reviews for Econ 2105, Week 3 Pt. 1


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/07/16
ECON 2105 9/7/16 Chp. 6: Ending & Chp. 7 Shortcomings of GDP  Doesn’t account for… 1. Non Marketable Goods  Goods & services produced but never sold  Washing dishes, mowing lawn, etc.  Less developed societies where houses produce own good, GDP is poor measure of economic output 2. Underground Economic activity  Hidden, uncounted transactions, usually settles in cash  Legal o Waitress tip, landscapers cut lawn  Illegal o Drug Deals  Size of underground economy?  10% of GDP in US  45% in developing countries 3. GDP unable to distinguish how goods are produced  Country A  10 mill. units w/ output  Clean energy, clean air Equal GDP  Country B  10 mill. units output  No environment standards 4. Leisure  Doesn’t capture how long it takes to produce goods & services  Avg Work/Week  South Korea: 46 hrs/Week  Netherlands: 28 hrs/Week  US: 36 hr/week  Japan: 36 hr/week Other measurements of Econ wellbeing Human Development Indicators  Life expectancy  Education levels  Access to welfare  Crime rates  Environmental quality ECON 2105 9/7/16 Reality  Alternative measures different to quantify  GDP correlated with most of these measures anyway CHP.7: Unemployment (P1)  Misconception o Policy makers should try to eliminate all unemployment Impractical & o Unemployment always bad for econ Draining of Economy o Optimal for the unemployment to be brought to 0  Occurs when worker is searching for job without success  People leave jobs for many reasons o Voluntary unemployment o Involuntary unemployment Usually by machines b/c faster & Types of unemployment easier 1. Structural Unemployment  Caused by change in industrial makeup of economy  Creative destruction  Intro to new tech 2. Frictional unemployment  Unemployment caused by time delays in available jobs & employees  People don’t instantly get new jobs  Firms don’t always hire 1 applicant  Gov’t policies  Unemployment insurance 1. Benefits worker by reducing consequences of being laid off 2. Helps macroecon by stopping econ problems from spreading to other industries  Unintended consequences? 1. Reduces incentives to quickly find another job 3. Cyclical Unemployment  Caused by econ downturns  “Worst” kind of unemployment ECON 2105 9/7/16  Unknown period of time  Root is unhealthy economy


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.