Wednesday, January 19, 2011

Post 22

15 Things I've learned...

Aggregate is the supply is the total amount of goods and services produced throughout the economy.
A supply shock is an event that increases the cost of production for all or many firms.
To construct the consumer price index, the Bureau of Labor Statistics selects a sample of commonly purchased consumer items, called the market basket.
The worst degree of inflation is hyperinflation.
To measure price level economist construct a price index.

Frictional unemployment attribute to workers moving from one job to another.
Marginally attached workers are workers who once held productive jobs but have given up looking for work.
Census Bureau conducts a monthly study called the Current Population Survey. \
Unemployment rate is the most closely watched and highly publicized labor force statistic. 
People who wanted jobs but have stop looking for work because of job related reasons are discouraged workers. 

In the 90's the income gap was largest since WWII
Poverty thresholds are adjusted annually from change in the consumer price index.
To measure inequality in income economist plot a Lorenz curve. 
The data used to plot a Lorenz curve is used to Compute the Gini index.
Heavy corporate downsizing in the 80's and 90's led to a large unemployment rate.

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