Levels of unemployment. «Full-employment».
Meaning and goals of macroeconomic.
Macroeconomics - is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy.
Goals:
• Low Unemployment
• Price Stability
• Economic Growth
• Complementary and conflicting goals
Gross National Product / Gross Domestic Product.
GNP - Cost of the final goods/services for a year, is the property of citizens of this country.
GDP – is the monetary measure of the total market value of all final goods and services produced within a country in one year.Includes goods and services produced by citizen-supplied and forigin-supplied within a particular nation’s geographical boundaries.
Types:
- nominal GDP (money value of goods and services produced in a year)
- real GDP (is adjusted for price level changes) Real GDP= nominal GDP/price index
GDP: expenditures and income approaches.
Expenditures approach:
GDP = C+I+G+Xn
C – personal consumption expenditures
I – gross private investment
G – Government purchases
Xn – net export
Consumption expenditures: Consumption good expenditures include purchases of nondurable goods, such as food and clothing, and purchases of durable goods, such as appliances and automobiles. Consumption service expenditures include purchases of all kinds of personal services, including those provided by barbers, doctors, lawyers, and mechanics.
Investment expenditures: Investment expenditures can be divided into two categories: expenditures on fixed investment goods and inventory investment. Fixed investment goods are those that are useful over a long period of time. Inventory goods are final goods waiting to be sold that firms have on hand at the end of the year.
Government expenditures: Government expenditures on consumption and investment goods and services are treated as a separate category in the expenditure approach to GDP.
Net exports: Exports are goods and services produced domestically but sold to foreigners, while imports are goods and services produced by foreigners but sold domestically. Net export is a difference between export and import.
Income approach
GDP = W+R+I+Pr+T+A
Wage includes payments by employers into social insurance, pansion, health funds for workers.
Rent consists of payments received by suppliers of property resources.
Interest money – income payments flowing from private businesses to suppliers of money.(процентная ставка)
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Corporate profits and Proprieties income – net income of unincorporated businesses.(прибыль предприятия)
Taxes
Amortization – the annual charge which estimates the amount of capital equipment used in each year’s production(отчисления)
GDP and economic Well-being.
GDP dowsn't account for well-being as it doesn't take into account
-the size of shadow economy
-the distribution of income
-the quality
-the distribution of income by sectors
-polution
-the structure of production
5. System of national accounts.NAS - The system of expenses and incomes which help to understand results of economic activities and to apply measures to regulation of economy.
Gages
-Stocks - that are in economy at present.
-Streams - movement of resources in a time unit.
Indicators.
-GNP - Cost of the final goods/services for a year, is the property of citizens of this country.
-GDP - Cost of the final goods/services made in territory of one country, is used by citizens of the country and foreigners.
Measuring Unemployment
The unemployment is the inability of willing workers to find gainful employment.
Part-time workers are counted as «employed».
Discouraged workers» who want job, but are not actively seeking one, are not counted as being in the labour force, so they are not part of unemployment statistic.
The unemployment rate is the number of people who are unemployed (actively seeking employment but unable to find work) expressed as a percentage of the total labor force («the economically active population»)
7. Types of unemployment:
Frictional unemployment:
- Consist of those searching for jobs or waiting to take jobs soon
- It is regarded as somewhat desirable because it indicates that there is mobility as people change or seek jobs(вскоре надеется найти работу)
Reasons:
- some workers will be voluntarily moving from one job to another
- reenmployment
- seasonality
- yaung workers will seek for their first job
Structural unemployment:
- Due to changes in the structure of demand for labour; when certain skills become obsolute or geographic distribution of jobs changes
Example: glases blowers were replaced by botle-making machines
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Cyclical unemployment:
- Is coursed by the recession phase of the busines cycle, which is sometimes caled deficient demand unemployment
Levels of unemployment. «Full-employment».
The unemployment rate is the number of people who are unemployed (actively seeking employment but unable to find work) expressed as a percentage of the total labor force («the economically active population»)
«Full-employment».
· Doesn't mean zero unemployment,but is equal to the total of frictional and structural unemployment(сумма)
· When the economy is at full-employment the natural rate of unemployment or NRU prevails in the economy (естественный уровень безработицы)
· With some unemployment, the economy still has room to grow in the short-run,as there are some workers available for firms to hire if they wish to expand output
The NRU is archived when labour markets are in balance:the economy's potential output is being achived(макс.возмозжность при данном кол-ве ресурсов)
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