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CHAPTER 7: The Macroeconomy: Unemployment, Inflation, & Deflation (7.4…
CHAPTER 7: The Macroeconomy: Unemployment, Inflation, & Deflation
7.1 Unemployment
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Stock: the quantity of something, measured at a given point in time [an inventory of goods].
Flow: a quantity measured over time, such as income per year or # of workers fired each month.
Unemployment: The total number of adults aged 16+ who are able and willing to work but are unable to find a job.
This causes a cost to the entire economy in terms of output - often ranging in billions of $.
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Re-entrant - a worker who has left their full-time job but has re-entered to look for a job (20-30% of the unemployed)
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New entrant - An individual who has never worked a full-time job for two weeks or longer. (10-15% of the unemployed)
Discouraged workers: Individuals who have given up their job search after convincing they will not find one.. :
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