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Unit 5: Full Employment. In the long run, the right answer to unemployment is to create more jobs. - George Walker Bush, Unemployment is of vital importance, particularly to the unemployed. - Edward Heath Business will be either better or worse.

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unit 5 full employment
Unit 5: Full Employment
  • In the long run, the right answer to unemployment is to create more jobs.
  • - George Walker Bush,
  • Unemployment is of vital importance, particularly to the unemployed.
  • - Edward Heath
  • Business will be either better or worse.
  • When more and more people are thrown out of jobs, unemployment tends to rise.
  • - Calvin Coolidge
society s goals for macro system
Society's Goals for Macro System
  • Growth
  • Stable Prices & Money
  • Full Employment
  • Stability of Business Cycle
key measures
Key Measures:
  • Unemployment Rate
  • Labor Force Participation Rate
  • Employment-Population Rate
  • Net New Jobs Create
  • New Unemployment Claims
  • Jobs-workers ratio
unemployment in the u s
Unemployment in the U.S.

US Unemployment Data - BLS.gov

analyzing employment
Population

Institutional Pop.Children (<16)Active Duty Military

RetiredDon't want employment nowIn SchoolDiscouraged - quit looking for work

Not In Labor Force

AdultNon-InstitutionalCivilianPop. [A]

Employed [C]

Unemployed [D](Not Employed, But Actively Looking)

Labor Force [B](willing & able to work)

Voluntary Quit

Involuntary Quit

Returning

New Entrant

Analyzing employment
defining adult civilian non institutionalized population
Defining “Adult Civilian Non-Institutionalized Population”
  • = labor force + not-in-labor-force
  • = total population – institutionalized – active duty military – children under age 16
defining labor force
Defining Labor force:
  • unemployed + employed
defining not in labor force
Defining “Not-in-labor force:
  • retired, stay-at-home spouses, idle rich, non-working students, discouraged would-be workers (not looking)
labor force participation rate
Labor Force Participation Rate:
  • = Labor Force / Civ.N-I Adult Pop.
  • = (employed + unemployed) / CivN-IA Pop
employment population ratio
Employment Population Ratio
  • = employed / population
full employment is usually defined as achieving the natural rate or zero cyclical
Full Employment is usually defined as achieving the “natural rate” or zero cyclical.
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