Why would an unemployed person work a job for no pay? What is a product or service everyone uses?

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Presentation transcript:

Why would an unemployed person work a job for no pay? What is a product or service everyone uses?

Today I will be able to analyze inflation and unemployment in the United States by constructing a short response.

Measures changes in prices over time Consumer Price Index 364 goods and services- The Basket What’s a good product or service for the CPI? Base years

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks)

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture)

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) * APPAREL (men's shirts and sweaters, women's dresses, jewelry)

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) * APPAREL (men's shirts and sweaters, women's dresses, jewelry) * TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance)

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) * APPAREL (men's shirts and sweaters, women's dresses, jewelry) * TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance) * MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services) *

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) * APPAREL (men's shirts and sweaters, women's dresses, jewelry) * TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance) * MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services) * RECREATION (televisions, toys, pets and pet products, sports equipment, admissions); *

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) * APPAREL (men's shirts and sweaters, women's dresses, jewelry) * TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance) * MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services) * RECREATION (televisions, toys, pets and pet products, sports equipment, admissions); * EDUCATION AND COMMUNICATION (college tuition, postage, telephone services, computer software and accessories);

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) * HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) * APPAREL (men's shirts and sweaters, women's dresses, jewelry) * TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance) * MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services) * RECREATION (televisions, toys, pets and pet products, sports equipment, admissions); * EDUCATION AND COMMUNICATION (college tuition, postage, telephone services, computer software and accessories); * OTHER GOODS AND SERVICES (tobacco and smoking products, haircuts and other personal services, funeral expenses).

CPI= Market basket/by base year average Inflation= change in CPI from previous year Inflation- 1951

In times of prolonged inflation, who suffers more? Creditors or debtors? Why?

Labor force- all persons 16 and older who are either employed or actively seeking employment. 154,000,000. Excludes military and incarcerated Unemployed- all persons seeking work. worked <1hr., family business <15 hrs

Unemployed / labor force

Frictional- workers between jobs

Structural- fundamental change in tastes or how business is done. Outsourcing

Frictional- workers between jobs Structural- fundamental change in tastes or how business is done. Outsourcing Technological- machines replace workers

Frictional- workers between jobs Structural- fundamental change in tastes or how business is done. Outsourcing Technological- machines replace workers Cyclical- swings in the business cycle

Frictional- workers between jobs Structural- fundamental change in tastes or how business is done. Outsourcing Technological- machines replace workers Cyclical- swings in the business cycle Seasonal- centers around weather