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Macroeconomic Measurements, Part I: Prices & Unemployment Lct 5 Based on Ch. 6, Macroeconomics, Roger A. Arnold.

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Presentation on theme: "Macroeconomic Measurements, Part I: Prices & Unemployment Lct 5 Based on Ch. 6, Macroeconomics, Roger A. Arnold."— Presentation transcript:

1 Macroeconomic Measurements, Part I: Prices & Unemployment Lct 5 Based on Ch. 6, Macroeconomics, Roger A. Arnold

2 Measuring The Price Level Price : Refers to the price of a single good or service Price Level : A weighted average of the prices of ALL goods & services The most common measure of price level… Consumer Price Index (CPI) : The weighted average of prices of a specific set of goods and services purchased by a typical household

3

4 Inflation and the CPI

5 Case 1…in class Case 2…in class Case 3…Home work p. 131-132 (textbook)

6 GDP Deflator

7 Measuring Unemployment

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9 Reasons for Unemployment Job loser (Lost the job…  ) Job leaver (Quit the job…) Reentrant (Previously employed, took a break from work, then returns) New entrant (e.g. University graduates)

10 Types of Unemployment

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12 Full Employment and Cyclical Unemployment

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