EC 2900 Notes Weel 6
EC 2900 Notes Weel 6 EC 2900 - 08
Popular in Global Economic, Business and Social Issue
Popular in Economics
This 1 page Class Notes was uploaded by Kaylee Notetaker on Sunday October 9, 2016. The Class Notes belongs to EC 2900 - 08 at Wright State University taught by D.R. Fannin in Fall 2016. Since its upload, it has received 7 views. For similar materials see Global Economic, Business and Social Issue in Economics at Wright State University.
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Date Created: 10/09/16
EC 2900 Notes Week 6 In the economy, when it’s bad, enrollment for education goes up because of structural • unemployment: when there’s a mismatch between your job skills and the skills needed in the workplace OR there is just a lack of jobs. • GDP: Gross Domestic Product: Consumption (anything we purchase and consume) + Government Spending + Investment (putting money into something to get a return) + Net Exports (Exports-Imports). - if its negative: GNP is lowers. - GNP is the value of all the goods and services produced in a given time frame; generally one year. - doesn't include the black market. - doesn't include double counting (must be counted when the consumer purchases it.) - we can watch the number and see how its moving to demote whether or not we’re seeing growth in the economy. - good growth rate: 3%. Will allow the economy to thrive but will also control for too much inﬂation (increase in the overall price level). - 2 parts of inﬂation: Cost Push (factors go up in price therefore cost goes up) & Demand Pull (too little unemployment) - per capita = GDP divided by population. - if growth rate gets small our standard of living doesn't increase. • Types of Unemployment: - seasonal: we anticipate because of some event or phenomenon. We don't worry about it because we know its temporary. - cyclical: when theres a downturn in the economy; its not moving as quickly as it should. - structural: a mismatch between you skill set and the skill set the market is demanding. - frictional: good; we like it; we want some unemployment because 1. control for inﬂation & 2. so you have latitude to move job-to-job.
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