Unemployment And Inflation
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The document discusses the costs and measurement of unemployment and inflation. It defines key terms like unemployment rate, labor force participation rate, and sources of unemployment like frictional and cyclical. It also defines inflation and discusses how inflation is measured. Higher than expected inflation creates winners and losers while making long term planning more difficult.
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This document summarizes factors that influence wage determination in labor markets, including supply and demand, trade unions, government intervention, and discrimination. Key points include:
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- Economic rent and transfer earnings also impact wages. Workers earn more economic rent the more inelastic the labor supply.
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The Quantity Theory of Money states that there is a direct relationship between the amount of money in circulation in an economy and the general price level. Specifically:
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Aggregate supply
The document discusses aggregate supply curves, including short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS) curves. The SRAS curve slopes upward as producers are willing to supply more output when prices are higher in the short-run before input prices adjust. The LRAS curve is vertical at the natural level of output, as prices and costs have fully adjusted in the long-run. The document also discusses factors that can cause shifts in the SRAS and LRAS curves such as changes in input prices, taxes, and economic growth.
Quantity theory of money
The Quantity Theory of Money states that there is a direct relationship between the amount of money in circulation in an economy and the general price level. Specifically:
1) As the quantity of money increases, the price level also increases, leading to inflation.
2) Irving Fisher elaborated on this theory in his 1911 work "Purchasing Power of Money" by introducing the Equation of Exchange: M * V + M' * V' = P * T, which relates the money supply, velocity of money, output, and the price level.
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2) There are different rates of inflation including low inflation under 10%, galloping inflation in the double or triple digits, and hyperinflation over a million percent. High and unpredictable inflation distorts economies.
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Topic 6 - Unemployment & Inflation
The document discusses unemployment and inflation as two major macroeconomic problems. It defines unemployment as people who are able and willing to work but unable to find jobs. There are different types of unemployment including frictional, cyclical, structural, and seasonal unemployment. Inflation is defined as a continuous rise in the general price level in an economy. The document discusses two main causes of inflation: demand-pull inflation which occurs when spending outpaces the economy's productive capacity, and cost-push inflation which results from increased costs of production being passed onto consumers. Effects of unemployment and inflation include impacts on individuals, society, and the overall economy.
Philips curve
The Philip curve shows an inverse relationship between the rate of unemployment and the rate of change in money wages in the short run. Friedman argued that in the long run, there is no tradeoff between inflation and unemployment - the Philip curve becomes vertical at the natural rate of unemployment, which is the rate where expected and actual inflation are equal. Temporary reductions in unemployment below the natural rate are only possible if inflation rises above expectations, but eventually expectations will adjust and unemployment will return to the natural rate, even as inflation accelerates.
Inflation and unemployment
This document discusses unemployment, inflation, and the relationship between the two. It defines different types of unemployment, how unemployment affects the economy and individuals. The natural rate of unemployment hypothesis holds that there is always some level of voluntary unemployment. The Phillips curve shows an inverse relationship between unemployment and inflation, where lower unemployment corresponds with higher inflation.
Phillips Curve, Inflation & Interest Rate
The document discusses the Phillips curve and the relationship between inflation and unemployment. It describes the short-run Phillips curve as downward sloping, showing that higher inflation is linked to lower unemployment. The long-run Phillips curve is vertical at the natural rate of unemployment, so inflation changes do not affect unemployment. The document also examines how interest rates are determined based on real rates, expected inflation, and risk differences between countries. Higher inflation is associated with higher nominal interest rates.
Aggregate demand and supply
The document discusses short-run economic fluctuations and the aggregate demand-aggregate supply model. It notes that most macroeconomic variables fluctuate together in the short-run as output rises and falls, with unemployment moving inversely to output. The aggregate demand curve slopes downward, meaning a lower price level increases the quantity of goods and services demanded. The aggregate supply curve slopes upward in the short-run but is vertical in the long-run, so price changes do not affect output. The model aims to explain short-run fluctuations around long-run trends in output and prices.
Keynesian theory
Keynesian theory rejects Say's law that supply creates its own demand. It argues that the level of income and employment is determined by aggregate demand and supply in the short run, and that equilibrium could be below full employment. The key determinants of income are consumption, investment, and saving. The effective demand curve shows equilibrium between aggregate demand and supply. Keynes believed full employment could be achieved by increasing aggregate demand through policies like government spending.
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Inflation and Deflation key information for ECON4 - Building on the knowledge you should have from ECON2
Inflation
Inflation is a rise in the general level of prices over time which decreases the purchasing power of a currency. It is measured using indices like the Wholesale Price Index (WPI), Consumer Price Index (CPI), and GDP deflator. There are two main types of inflation - demand-pull inflation caused by increased aggregate demand, and cost-push inflation caused by increased production costs. Governments use monetary policy like changing interest rates, fiscal policy like altering taxation and expenditures, and price controls to combat inflation.
The Phillips Curve
The document discusses the Phillips Curve, which originally showed a short-run tradeoff between inflation and unemployment according to data analyzed by Prof. Phillips. Lower unemployment was believed to cause higher inflation as more employment and spending increased aggregate demand. However, in the 1970s both inflation and unemployment remained high, a phenomenon known as stagflation, requiring economists to rethink the Phillips Curve relationship in the long run.
Inflation types and causes
Creeping inflation refers to a very low rise in prices like that of a snail or creeper. Moderate inflation occurs when prices rise moderately, while runway or galloping inflation describes rapidly rising prices at double or triple digit rates. The main theories of inflation are the quantity theory, demand pull theory, and cost push theory. The quantity theory states that too much money in the economy leads to inflation. Demand pull inflation occurs when aggregate demand increases more than supply, and cost push inflation happens when production costs rise, automatically increasing prices. Both monetary and fiscal measures can be used to reduce inflation.
Welfare economics
Welfare economics deals with topics related to economic growth and development, such as justice, equity, freedom, and individual welfare. It assumes individuals are the best judges of their own welfare. Economic growth refers to an increase in per capita income, while economic development is a process whereby real per capita income increases over time. Development theories include the Harrod-Domar model, exogenous growth model, surplus labor model, and Rostow's stages of growth model. Measuring national income can be done via the product, expenditure, and income methods. The expenditure method defines national income as the total of consumption, investment, government spending, and net exports.
Theory of interest rate - loan theory
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This document discusses different types of inflation including definitions of inflation, deflation, disinflation, and their causes. It defines inflation as a sustained increase in prices over time. Deflation is a decrease in prices, while disinflation is a slowdown in the rate of inflation. The types of inflation include hyperinflation (over 100% per year), galloping inflation (10-100%), and creeping inflation (<10%). Causes of inflation are discussed as either demand-pull inflation from too much spending, or cost-push inflation from increased costs of production. Inflationary gaps occur when current GDP is higher than potential GDP at full employment, while deflationary gaps are when demand is below full employment supply
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The Heckscher-Ohlin theorem states that countries will export goods that use their abundant and cheap factor of production and import goods that use their scarce factor. It emphasizes differences in factor abundance as the source of comparative advantage and trade. Developed by Eli Heckscher and Bertil Ohlin, it shows that comparative advantage is influenced by relative factor abundance across countries and relative factor intensity across goods. Under its assumptions, free trade will equalize factor prices globally and lead countries to specialize in goods consistent with their factor endowments.
Illustration of non price determinants.
This document outlines the key concepts of demand and supply, including definitions, schedules/curves, laws, determinants and equilibrium. It defines demand as the willingness and ability to purchase a good, and supply as the amount producers will provide. The laws of demand and supply state that demand is negatively correlated with price, while supply is positively correlated. Equilibrium occurs when quantity demanded equals quantity supplied at a single price point, where the demand and supply curves intersect.
Demand
This document discusses the concept of demand, the law of demand, and elasticity of demand. It defines demand as how much of a product or service is desired by buyers at a given price. The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand it. Elasticity of demand refers to the responsiveness of quantity demanded to changes in price. There are different types of elasticity including price elasticity, income elasticity, and cross elasticity. Understanding elasticity is important for areas like production, pricing, and economic policymaking.
Ensuring price stability
1) Inflation occurs when prices rise overall in an economy. It can be caused by demand-pull factors like too much spending chasing too few goods, or cost-push factors like rising wages.
2) There are different rates of inflation including low inflation under 10%, galloping inflation in the double or triple digits, and hyperinflation over a million percent. High and unpredictable inflation distorts economies.
3) While low and predictable inflation may have little impact, unexpected inflation impoverishes some and enriches others by unexpectedly changing the value of assets and debts.
Demand, supply and equilibrium
Demand, supply and equilibrium ,demand ,equilibrium ,economy ,economia ,business and economy ,economic development ,business ,small business ,business intelligence ,online business ,business model ,market ,social media marketing ,marketing ,market share ,internet marketing ,digital marketing ,content marketing ,market analysis ,market size ,finance ,financial ,financial services ,public finance ,banking ,bank ,non bank financial institutions ,modern banking ,accounting ,accessibility ,open access ,logistics ,supply chain ,company profiles ,procurement
Inflation
Inflation is defined as a persistent rise in prices over time rather than a single increase in the price level. It is measured by calculating the percentage change in a price index from one period to the next. India measures inflation using several indices, with the Wholesale Price Index (WPI) historically being the main measure and the Consumer Price Index (CPI) now being the primary target of the Reserve Bank of India's inflation targeting. The CPI is further broken down by location (rural, urban, combined), consumer category (industrial workers, agricultural laborers), and type (headline inflation includes volatile food and fuel prices, while core inflation excludes them).
Shift in supply curve
This document discusses shifts in supply curves, which refer to changes in the quantity supplied of a commodity even when its own price remains constant. An increase in supply is indicated by a forward shift of the supply curve, caused by factors that reduce production costs and increase the willingness of firms to supply more units at the same price. A decrease in supply is shown by a backward shift of the supply curve and can be caused by factors that increase costs and decrease firms' willingness to supply units at a given price. The document provides examples of specific factors that can lead to increases or decreases in supply.
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Key Takeaways and Future Directions
The insights and feedback gathered from these discussions were invaluable. Here are some of the key takeaways and the steps we are taking to address them:
• Enhanced Resource Accessibility: We are working on a new, user-friendly resource page that will make it easier for members to access training materials and real-world application guides.
• Structured Mentorship Program: Plans are underway to launch a mentorship program that will connect members with experienced professionals for guidance and support.
• Increased Networking Opportunities: Expect to see more frequent and varied networking events, both virtual and in-person, to help you build connections and foster a sense of community.
Moving Forward
We are committed to turning your feedback into actionable solutions that enhance your PMI journey. This workshop was just the beginning. By actively participating and sharing your experiences, you have helped shape the future of our Chapter’s offerings.
Thank you to everyone who attended and contributed to the success of the Community Skill Builders Workshop. Your engagement and enthusiasm are what make our Chapter strong and vibrant. Stay tuned for updates on the new initiatives and opportunities to get involved. Together, we are building a community that supports and empowers each other on our PMI journeys.
Stay connected, stay engaged, and let’s continue to grow together!
About PMI Silver Spring Chapter
We are a branch of the Project Management Institute. We offer a platform for project management professionals in Silver Spring, MD, and the DC/Baltimore metro area. Monthly meetings facilitate networking, knowledge sharing, and professional development. For more, visit pmissc.org.在线制作加拿大萨省大学毕业证文凭证书实拍图原版一模一样
原版一模一样【微信：741003700 】【加拿大萨省大学毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Learnings from Successful Jobs Searchers
Are you interested to know what actions help in a job search? This webinar is the summary of several individuals who discussed their job search journey for others to follow. You will learn there are common actions that helped them succeed in their quest for gainful employment.
一比一原版布拉德福德大学毕业证（bradford毕业证）如何办理
一模一样【微信：A575476】【布拉德福德大学毕业证（bradford毕业证）成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
办理阿卡迪亚大学毕业证（uvic毕业证）本科文凭证书原版一模一样
原版一模一样【微信：741003700 】【阿卡迪亚大学毕业证（uvic毕业证）本科文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
按照学校原版(UofT文凭证书)多伦多大学毕业证快速办理
快速办理【(UofT毕业证书)多伦多大学毕业证】【176555708微信号】硕士毕业证成绩单、外壳、offer、留信学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【我们承诺采用的是学校原版纸张（纸质、底色、纹路），我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信176555708】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信176555708】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
→ 【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
A Guide to a Winning Interview June 2024
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Unemployment And Inflation
- 5. Exhibit 1: The Adult Population Sums the Employed, the Unemployed, and Those Not in the Labor Force
- 8. Exhibit 2: The U.S. Unemployment Rate Since 1900
- 9. Exhibit 3: Unemployment Rates for Various Groups
- 10. Exhibit 3: Unemployment Rates for Various Groups
- 11. Exhibit 4: Unemployment Rates Differ Across U.S. Metropolitan Areas
- 20. Exhibit 5: In the Last Two Decades, Unemployment Rates Fell in the United States, Rose in Japan, and Remained High in Europe
- 25. Exhibit 6a: Inflation Caused by Shifts of AD and AS Curves Increase in the AD curve pulls up the price level. To generate continuous demand-pull inflation, the AD curve must keep shifting outward along a given AS curve Increase in costs of production push up the price level. To generate continuous cost-push inflation, the AS curve must keep shifting to the left along a given AD curve.
- 26. Exhibit 7a: Consumer Price Index Since 1913
- 27. Exhibit 7b: CPI Since 1913 – Annual Percentage Change
- 32. Exhibit 8: Average Annual Inflation from 1994 to 2004 Differed Across U.S. Metropolitan Areas
- 33. Inflation Across Countries Exhibit 9: Inflation Rates in Major Economies Have Trended Lower Over the Past Two Decades