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Macro final > Unemployment > Flashcards

Unemployment Flashcards

1
Q

non institutional civ pop

A

not in jail or in military

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2
Q

participation rate

A

labour force / non civ pop

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3
Q

unemployment rate

A

unemployed/labour force

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4
Q

labour force

A

those that work + those lookin to work

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5
Q

scelerosis labor market

A

few seperations and few hires stagnant unemployment pool

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6
Q

active labor market

A

constant movement seperations and hires in out

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7
Q

current population survey

A

data showing average monthly flows

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8
Q

employment rate

A

employed/labour force

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9
Q

collective bargaining

A

bargaining between a union and firms

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10
Q

reservation wage

A

which is the wage that would make them indifferent between working or being unemployed.

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11
Q

bargaining power depends on 2 factors wut are they

A

-nature of the job
-labor market conditions

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12
Q

reservation wage

A

which is the wage that would make them indifferent between working or being unemployed.

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13
Q

efficiency wage

A

egardless of workers’ bargaining power, firms may want to pay more than the reserva- tion wage. PRODUCTIVITY

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14
Q

AGGRAGATE NOMINAL WAGE FORMULA/WAGE SETTER

A

W = Pe F(u, z)

decreases with increase in u
increases with increase in z

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15
Q

PRICE SETTER under imperfect market competition

A

W(1+m)

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16
Q

PRODUCTIVITY FORMULA

A

Y= AN
n= employed
A=productivity
Y= output

17
Q

Price determination under perfect competition

A

Find MR by differentiating P.Y
Find MC by differentiating W.N

profit maximization is where MC = MR
P.1 = W
P=1

18
Q

price setting relation

A

The real wage offered by
firms based on profit
maximizing price.

19
Q

In the equilibrium A

A

Firm pays a real wage that
maximizes its profits and
makes sure that workers
are just satisfied with this
firm as its employer

Macro final (9 decks)

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