Inflation and unemployment
7 important questions on Inflation and unemployment
Explain how demand-deficient unemployment relates to demand-pull inflation
Demand-deficient unemployment is the opposite of demand pull inflation
Explain what Cost-Push inflation is
Cost-push inflation is caused by an increase in production cost (like war in oil producing countries, leading to increasing costs) this causes the AS curve to move to the right. but oil being inelastic will still be continued to be bought
Explain how disepilibrium unemployment comes into existence
AS > AD and there is a stickyness in wages preventing it to fall to equilibrium
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Explain how Equilibrium unemplyment works (tip: natural)
able but not willing
explain seasonal, structual and search unemployment and tell if they are dis equ or equ unemployment
Equilibrium unemplyment caused by
seasonal worker like farmer or painters
Searching for a new and or better jobs
structural changes making people redundant (like miners)
Explain what a recessionary gap is and how is it solved?
Ye is left of Yf. untill J increases or W drops
Explain the different inflations not caused by an excess of AD
Due to cost push inflation, expectation inflation, but also structural and search unemployment
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