TAILIEUCHUNG - Lecture Business economics - Lecture 17: Unemployment

In this chapter you will learn about the data used to measure the amount of unemployment, consider how unemployment arises from the process of job search, consider how unemployment can result from minimum-wage laws, see how unemployment can arise from bargaining between firms and unions, examine how unemployment results when firms choose to pay efficiency wages. | Review of the previous lecture Economic prosperity, as measured by real GDP per person, varies substantially around the world. The average income of the world’s richest countries is more than ten times that in the world’s poorest countries. The standard of living in an economy depends on the economy’s ability to produce goods and services. Productivity depends on the amounts of physical capital, human capital, natural resources, and technological knowledge available to workers. Review of the previous lecture Government policies can influence the economy’s growth rate in many different ways. The accumulation of capital is subject to diminishing returns. Because of diminishing returns, higher saving leads to a higher growth for a period of time, but growth will eventually slow down. Also because of diminishing returns, the return to capital is especially high in poor countries. Lecture 17 Unemployment Instructor: Abbas Course code: ECO 400 Lecture Outline Natural rate of

• Kinh tế học
• Business economics
• Lecture Business economics
• Business applications of economics
• Open economy
• Competitive markets
• Natural rate of unemployment
• Economic Models
• Principles of economics
• Economics of agriculture
• Monopolistic competition
• Macroeconomic policy
• Supply curve
• Elasticity of demand
• Consumer choice
• Competitive firms
• Imperfect competition
• Gross domestic product
• Financial intermediaries
• Productivity growth
• Labor force
• Money supply