Chapter 6

Dr. Merrill

Economics Department

Chapter 6

Definitions

Labor Supply Changes

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Labor Demand Changes

Labor Market Equilibrium

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Types of Unemployment

Unemployment Statistics

Unemployment Sources

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Unemployment Duration

Unemployment Costs

Unemployment Benefits

Chapter 7

Inflation

Measuring Inflation : 1

Measuring Inflation : 2

CPI Problems

Types of Inflation:1

Types of Inflation:2

Demand Side Inflation

Supply Side Inflation

Variations

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Costs & Benefits

The Discomfort Index

Chapter 8

Measuring Output

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GDP

GDP Components

GDP Component Size

Investment

National Income

GDP Limitations

International Comparisons

Exchange Rate Approach

Purchasing Power Parity

Economic Welfare

Chapter 9

Classical Macro

Say’s Law

Keynes

Target Variables

Policy Variables

Income Flows

Consumption Function

MPC

Investment Demand

Aggregate Expenditures

Output Adjustments

Changes in Io and Co

Full Employment Y

Model Limitations

Key Concepts: Ch. 9

Chapter 10

Keynesian Equilibrium

Withdrawals

Injections

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Questions: Ch. 10

Key Concepts: Ch. 10