Notes 1-4
Unemployment
- Unemployed – no job, but wants a job, actively seeking a job
- employed – having a job
- discouraged workers – want job, not actively looking for a job
- labor force – all able bodied persons who want to work and is over the age of 16
6 major determinants of demand
- tastes and preferences
- information
- Number of buyers
- price of related goods
- Substitutes
- compliments
- Income
- Normal good – incomes goes up, demand goes up
- inferior good – income goes up, demand goes down.
- Unemployed – no job, but wants a job, actively seeking a job
- employed – having a job
- discouraged workers – want job, not actively looking for a job
- labor force – all able bodied persons who want to work and is over the age of 16
6 major determinants of demand
- tastes and preferences
- information
- Number of buyers
- price of related goods
- Substitutes
- compliments
- Income
- Normal good – incomes goes up, demand goes up
- inferior good – income goes up, demand goes down.