TAILIEUCHUNG - Lecture Principles of economics (Asia Global Edition) - Chapter 17

In this chapter we examine this tradeoff more closely. The relationship between inflation and unemployment is a topic that has attracted the attention of some of the most important economists of the last half century. The best way to understand this relationship is to see how thinking about it has evolved over time. | Wages and Unemployment Chapter 17 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Discuss the four important trends that have characterized labor markets in industrialized countries Apply a supply and demand model to understand the labor market Explain how changes in the supply of and the demand for labor explain trends in real wages and employment since 1960 Define and calculate the unemployment rate and the participation rate Differentiate among the three types of unemployment defined by economists and the costs associated with each Trend 1: Increasing Real Wages Common in industrialized countries in the 20th century Trend 2: Slower Wage Growth Since 1973 The annual rate of real wage growth is uneven Data on real wage growth in the United States: 1960 – 1973 per year 1973 – 1996 per year 1996 – 2010 2% per year 1973 – 2010 0% per year Year . Japan Canada S. Korea 1990 1995 2000 2005 2010 2011 Rate of Increase (1990-2011) Hourly Wage Index in Manufacturing, 1990–2011 (2005 = ) Trend 3: Increased Wage Inequality in US and many industrialized countries Between 1960 and 2010 Average real weekly earnings of production workers decreased Real wages of the least-skilled, least-educated workers decreased 25 to 30% Best-educated, highest-skilled workers' real wages increased Income with an advanced university degree is Three times the income of a high school graduate Four times the income of a worker who did not graduate from high school Trend 4: Increasing Employment in US and Asian Economies In 2007, 146 million people in the US had jobs 46 million new jobs since 1980 In 1970, 57% of the over-16 population had jobs In 2007, 63% worked Between 1980 and 2007 employment increased 46% At the same time over-16 population increased 38% The Labor .

• Kinh tế học
• Principles of economics
• Lecture Principles of economics
• Short run tradeoff
• Phillips curve
• Aggregate demand
• Aggregate supply
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Welfare Economics
• Consumer surplus
• Demand curve
• Efficiency of markets
• Nature of an externality
• Market inefficiency
• Negative externalities
• Principles of microeconomics
• Lecture Principles of microeconomics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Principles of agricultural economics
• Agricultural economics
• Economics of agricultural production
• Theory of consumer behaviour
• Economics of market demand
• Dynamics in demand analysis
• Analysis of agricultural markets
• Agricultural markets
• Economics of trade
• Costs of taxation
• Deadweight loss
• Laffer curve
• Supply side economics
• Market forces
• Supply and demand
• Market economies
• Competitive Markets
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Factors of production
• Demand for labor
• Production function
• Marginal product of labor
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Theory of consumer choice
• Budget constraint
• Indifference curve
• Marginal rate of substitution
• Measuring nation’s income
• Economy’s income
• Gross domestic product
• Components of GDP
• International trade
• Determinants of trade
• Equilibrium without trade
• Production and growth
• Economic growth
• Monetary system
• Functions of money
• Federal reserve
• Central bank
• Open economy macroeconomics
• Economy macroeconomics
• Closed economy
• Open economy
• Public goods
• Common resource
• Types of goods
• Cost benefit analysis
• Short run economic fluctuations
• Economic fluctuations
• Tax system
• Federal Government
• Marginal tax rate
• Budget surplus
• Macroeconomic policy
• Debate over macroeconomic policy
• Stabilize the economy
• Monetary policy