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Published byJeremy Benson Modified over 9 years ago
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Macroeconomic Measurements, Part I: Prices & Unemployment Lct 5 Based on Ch. 6, Macroeconomics, Roger A. Arnold
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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
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Inflation and the CPI
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Case 1…in class Case 2…in class Case 3…Home work p. 131-132 (textbook)
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GDP Deflator
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Measuring Unemployment
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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)
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Types of Unemployment
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Full Employment and Cyclical Unemployment
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