Introduction to Economic Growth, Unemployment, and Inflation McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 1
|
|
- Moses Chapman
- 6 years ago
- Views:
Transcription
1 Introduction to Economic Growth, Unemployment, and Inflation 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 1
2 In this chapter you will learn 6.1 The definition and causes of economic growth 6.2 The nature and cause of the business cycle 6.3 The nature of unemployment and its measurement 6.4 The definition of inflation and how it is measured 6.5 About the redistribution effects of inflation 6.6 About the output effects of inflation 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 2
3 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 3
4 Economic Growth an increase in real GDP over some time period, OR an increase in real GDP per capita over some time period 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 4
5 Economic Growth Growth as a Goal Arithmetic of Growth Main Sources of Growth Growth in Canada improved products & services added leisure other impacts Relative Growth Rates 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 5
6 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 6
7 Level of real output Phases of the Business Cycle Figure 6-1 Time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 7
8 Level of real output Phases of the Business Cycle Figure 6-1 PEAK Time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 8
9 Level of real output Phases of the Business Cycle Figure 6-1 RECESSION Time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 9
10 Level of real output Phases of the Business Cycle Figure 6-1 TROUGH Time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 10
11 Level of real output Phases of the Business Cycle Figure 6-1 RECOVERY Time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 11
12 Level of real output Phases of the Business Cycle Figure 6-1 provincial variations Time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 12
13 Canadian Recessions Since 1930 Table 6-2 Year Change in real GDP % % % % % % 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 13
14 The Business Cycle Causation: A First Glance innovation changes in productivity money supply changes total spending changes Cyclical Impact: Durables & Non- Durables 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 14
15 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 15
16 The Labour Force, 2002 Fig. 6-2 Under 15 &/or institutionalized (6.0 million) total population 31 million Not in labour force (8.3 million) Employed (15.4 million) labour force 16.7 million unemployed million 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 16
17 Measurement of Unemployment Unemployment rate = unemployed labour force x 100 Unemployment = rate 2002 = 1,285,000 16,700,000 x % 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 17
18 Measurement of Unemployment Criticisms of the calculation: part-time employment discouraged workers 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 18
19 Types of Unemployment Frictional Unemployment 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 19
20 Types of Unemployment Frictional Unemployment Structural Unemployment 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 20
21 Types of Unemployment Frictional Unemployment Structural Unemployment Cyclical Unemployment 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 21
22 Definition of Full Employment natural rate of unemployment (NRU) NOT zero unemployment occurs when there is no cyclical unemployment not automatic varies over time 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 22
23 Economic Cost of Unemployment GDP Gap & Okun s Law The amount by which actual GDP falls short of potential GDP GDP gap = actual GDP potential GDP Okun s Law: For every 1% unemployment exceeds the natural rate. A GDP Gap of about 2% occurs 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 23
24 Actual & Potential GDP & the Unemployment Rate Figure McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 24
25 Economic Cost of Unemployment Given for 1992: unemployment rate is 11.3% natural rate is 7.5% potential GDP is $770 billion What is the GDP gap? 11.3% 7.5% = 3.8% (gap in % terms) 3.8% X 2 = 7.6% (apply Okun s Law) 7.6% of $770 billion = $59 billion 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 25
26 Unequal Burdens Occupation Age Gender Education 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 26
27 Unemployment Non-Economic Costs Regional Variations 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 27
28 Regional Variations Provincial Breakdown of the Unemployment Rate, 2002 British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia PEI Newfoundland CANADA % 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 28
29 Unemployment rates in five industrial nations Global Perspective McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 29
30 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 30
31 Inflation Meaning of Inflation a rise in the general level of prices Measurement of Inflation Consumer Price Index CPI Price of 1992 basket inthe particular year Price of the same basket inthe base year (1992) X McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 31
32 Inflation Rate of inflation CPI this year - CPI last CPI last year year X McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 32
33 % Facts of Inflation Figure 6-4 Annual Inflation Rates in Canada, The major periods of inflation 4 2 in Canada were in the 1970s & s 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 33
34 GLOBAL PERSPECTIVE Inflation rates in five industrial nations Germany inflation rates in Canada in the 1990s were relatively low UK Canada US Japan 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 34
35 Types of Inflation Demand-Pull Inflation excess demand Cost-Push Inflation per-unit production costs supply shocks Complexities 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 35
36 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 36
37 Nominal & Real Income real income = nominal income price index X 100 % change in real income % change in nominal income % change in price level 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 37
38 Nominal & Real Income Expectations redistribution effects of inflation depend on whether or not inflation is expected 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 38
39 Who is Hurt by Inflation? assuming unanticipated inflation Fixed-income receivers Savers Creditors 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 39
40 Who is Unaffected or Helped by Inflation? assuming unanticipated inflation Flexible-Income receivers Debtors 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 40
41 Anticipated Inflation Effects are lessened to the extent inflation is correctly anticipated COLA clauses inflation premium on loans 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 41
42 Inflation Premium Figure % = Nominal Interest Rate 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 42
43 Inflation Premium Figure % = 5% Nominal Interest Rate Real Interest Rate 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 43
44 Inflation Premium Figure % = 5% + 6% Inflation Premium Nominal Interest Rate Real Interest Rate 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 44
45 Addenda Deflation Mixed effects Arbitrariness 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 45
46 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 46
47 Effects of Inflation on Output Cost-Push Inflation & Real Output Demand-Pull Inflation & Real Output Hyperinflation & Breakdown 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 47
48 Chapter 6 Topics 6.1 Economic Growth 6.2 The Business Cycle 6.3 Unemployment 6.4 Inflation 6.5 Redistribution Effects of Inflation 6.6 Effects of Inflation on Output 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 48
Introduction to Economic Growth and Instability
on C H A P T E R Introduction to Economic Growth and Instability 8-1 ECONOMIC GROWTH Economic Growth on 8-2 An increase in real GDP over some time period An increase in real GDP per capita over some time
More informationECON 201. The Business Cycle. Business Cycle 4 phases 10/1/2009. Chapter 6 Business Cycles, Unemployment, & Inflation
ECON 201 Chapter 6 Business Cycles, Unemployment, & Inflation The Business Cycle The U.S. has experienced economic instability associated with business cycles. Business Cycles alternating rises and declines
More informationFigure Sarver
I. Learning Objectives In this chapter students will learn: A. About the business cycle and its primary phases. B. How unemployment and inflation are measured. C. About the types of unemployment and inflation
More informationChapter 7 Introduction to Economic Growth and Instability
Chapter 7 Introduction to Economic Growth and Instability Chapter Overview This chapter previews economic growth, the business cycle, unemployment, and inflation. It sets the stage for the analytical presentation
More informationBC JOBS PLAN ECONOMY BACKGROUNDER. Current statistics show that the BC Jobs Plan is working: The economy is growing and creating jobs.
We know that uncertainty continues to remain in the global economy and we expect to see some monthly fluctuations in jobs numbers. That is why we will continue to create an environment that is welcoming
More informationCHAPTER 4: GROWTH, UNEMPLOYMENT, AND INFLATION
CHAPTER 4: GROWTH, UNEMPLOYMENT, AND INFLATION CIA4U Unit 2 Macroeconomics: Economic Indicators Statistics Canada keeps track of the labour force through a monthly survey of about 58,000 households who
More informationAPE Unit 3 UGRP: Intro to Macroeconomics
/40 UGRP Score: /10 UEQ Score: Name Date Period Time: 2.5 Weeks APE Unit 3 UGRP: Intro to Macroeconomics /50 Total Score Anchor Text and Video: Please visit: https://www.federalreserve.gov/faqs/what-is-macroeconomics.htm
More informationThe diagram above illustrates the pattern of: A) Wage movements over time B) Price level movements C) Economic growth patterns D) Business cycles
Problem Set Econ 2013: Chapter 9: Business Cycles, Unemployment, and Inflation Name ID: MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) 1) The
More informationAugust 2015 Aboriginal Population Off-Reserve Package
Labour Force Statistics Aboriginal Population Off-Reserve Package Package Includes: - Information for all Aboriginal people, First Nations and Métis - Working age population, labour force, employment,
More informationOctober 2016 Aboriginal Population Off-Reserve Package
Labour Force Statistics Aboriginal Population Off-Reserve Package Package Includes: - Information for all Aboriginal people, First Nations and Métis - Working age population, labour force, employment,
More informationApril 2017 Alberta Indigenous People Living Off-Reserve Package
Labour Force Statistics Alberta Indigenous People Living Off-Reserve Package Package Includes: - Information for all Indigenous people, First Nations and Métis - Working age population, labour force, employment,
More informationNovember 2017 Alberta Indigenous People Living Off-Reserve Package
Labour Force Statistics Alberta Indigenous People Living Off-Reserve Package Package Includes: - Information for all Indigenous people, First Nations and Métis - Working age population, labour force, employment,
More informationDecember 2017 Alberta Indigenous People Living Off-Reserve Package
Labour Force Statistics Alberta Indigenous People Living Off-Reserve Package Package Includes: - Information for all Indigenous people, First Nations and Métis - Working age population, labour force, employment,
More informationJanuary 2018 Alberta Indigenous People Living Off-Reserve Package
Labour Force Statistics Alberta Indigenous People Living Off-Reserve Package Package Includes: - Information for all Indigenous people, First Nations and Métis - Working age population, labour force, employment,
More informationAssignment 1 Deadline: September 23, 2004
ECN 204 Introductory Macroeconomics Instructor: Sharif F. Khan Department of Economics Ryerson University Fall 2005 Assignment 1 Deadline: September 23, 2004 Part A Multiple-Choice Questions [30 marks]
More informationEconomic Growth, Business Cycles, Unemployment, and Inflation
CHAPTER 24 Economic Growth, Business Cycles, Unemployment, and Inflation Remember that there is nothing stable in human affairs; therefore avoid undue elation in prosperity, or undue depression in adversity.
More information2001 COOPERATIVE CREDIT ASSOCIATIONS - (in thousands of dollars) TABLE 1 - ASSETS
TABLE 1 - ASSETS British Columbia Ontario Ltd. Nova Scotia Alberta Canada Cash resources 0 28,905 5 19,473 2,622 Deposits with regulated financial institutions.. 532,821 32,743 160,372 8,802 0 Securities
More informationFREE PREVIEW Full report available for FREE to Canadian Franchise Association members
The Economic Contribution of the Canadian FREE PREVIEW Full report available for FREE to Canadian Franchise Association members Franchise Industry January 2018 Prepared for: Canadian Franchise Association
More informationMacroeconomic Theory and Policy
ECO 209Y Macroeconomic Theory and Policy Lecture 2: National Income Accounting Gustavo Indart Slide1 Gross Domestic Product Gross Domestic Product (GDP) is the value of all final goods and services produced
More informationPost-Secondary Education, Training and Labour August New Brunswick Minimum Wage Factsheet 2017
Post-Secondary Education, Training and Labour August 2017 New Brunswick Minimum Wage Factsheet 2017 Contents PART 1 - Minimum Wage Rates in New Brunswick... 3 1.1 Recent History of Minimum Wage in New
More information2. In terms of dollar volume of exports and imports, the most important trading partner for the United States is:
1. In the U.S. economy, all are generally accepted economic functions of government except: A) The provision of public goods B) The production and distribution of consumer goods C) Pursuing policies that
More informationPost-Secondary Education, Training and Labour Prepared May New Brunswick Minimum Wage Report
Post-Secondary Education, Training and Labour Prepared May 2018 2018 New Brunswick Minimum Wage Report Contents Section 1 Minimum Wage Rates in New Brunswick... 2 1.1 Recent History of Minimum Wage in
More information2014 MINIMUM WAGE RATE ANNUAL REPORT
DEPARTMENT OF JUSTICE 2014 MINIMUM WAGE RATE ANNUAL REPORT PREPARED BY: POLICY & PLANNING DIVISION DEPARTMENT OF JUSTICE BACKGROUND INFORMATION The Nunavut Labour Standards Act (the Act ) regulates employment
More informationPost-Secondary Education, Training and Labour Prepared November New Brunswick Minimum Wage Report
Post-Secondary Education, Training and Labour Prepared November 2018 2018 New Brunswick Minimum Wage Report Contents Section 1 Minimum Wage Rates in New Brunswick... 2 1.1 Recent History of Minimum Wage
More informationFederal and Provincial/Territorial Tax Rates for Income Earned
by a CCPC Effective January 1, 2015 and 2016 by a CCPC Effective January 1, 2015 1 Federal rates General corporate rate 38.0% 38.0% 38.0% Federal abatement (10.0) (10.0) (10.0) 28.0 28.0 28.0 business
More informationRiding the Commodity Price Roller-Coaster
Riding the Commodity Price Roller-Coaster Presentation to FLAR in Cartagena, Colombia 10 July 2018 John Murray Former Deputy Governor, Bank of Canada Outline Why Canada is different from other industrial
More informationAlberta Labour Force Profiles
Alberta Labour Force Profiles 2011 Highlights For the purpose of this profile, youth are defined as persons aged 15 to 24 years. 1. Alberta Population Statistics Among the provinces, Alberta had the third
More information2017 Alberta Labour Force Profiles Youth
2017 Alberta Labour Force Profiles Youth Highlights Population Statistics Labour Force Statistics 4 th highest proportion of youth in the working age population 1. 16.3% MB 2. 15.3% ON 2. 15.2% SK 4. 14.9%
More informationName Economics: Unit Three Study Guide Unit One Standards
Name Economics: Unit Three Study Guide Unit One Standards Macroeconomic Concepts: SSEMA1 Illustrate the means by which economic activity is measured. a. Identify and describe the macroeconomic goals of
More informationAlberta s Labour Productivity Declined in 2016
ECONOMIC COMMENTARY Alberta s Labour Productivity Declined in 2016 Highlights: The 2015/2016 recession and the Fort Mc Murray forest fires caused Alberta s labour productivity to decline again in 2016
More informationSaskatchewan Labour Force Statistics
Saskatchewan Labour Force Statistics April 2017 UNADJUSTED DATA According to the Statistics Canada Labour Force Survey during the week covering April 9 th to 15 th,, 2017, there were 560,100 persons employed
More informationWhat is Macroeconomics?
MACRO ECONOMICS 1 What is Macroeconomics? Macroeconomics is the study of the large economy as a whole. It is the study of the big picture. Instead of analyzing one consumer, we analyze everyone. Instead
More informationMacroeconomics Unit Overview
Unit Overview 3.1 Measuring national income * Circular flow of income * Methods of measurement - income, expenditure and output * Distinction between o gross and net o national and domestic o nominal and
More informationTrends in Labour Productivity in Alberta
Trends in Labour Productivity in Alberta July 2012 -2- Introduction Labour productivity is the single most important determinant in maintaining and enhancing sustained prosperity 1. Higher productivity
More informationIntroduction. Learning Objectives. Learning Objectives. Chapter 7. Explain how the U.S. government calculates the official unemployment rate
Chapter 7 The Macroeconomy:, Inflation, and Deflation Introduction Why is it that the responsibility for announcing the start of economic contractions and expansions does not rest with elected officials?
More informationMACROECONOMICS REVIEW FOR EXAM #1. 1. Real GDP is better than nominal GDP in making comparisons of GDP over time because:
MACROECONOMICS REVIEW FOR EXAM #1 1. Real GDP is better than nominal GDP in making comparisons of GDP over time because: A. Nominal GDP can increase simply because of price increases over time. B. Real
More informationChapter 6 GDP, Unemployment and Inflation
Chapter 6 GDP, Unemployment and Inflation - Microeconomics: study of how households and firms make choices & how they interact in markets. - Macroeconomics: study of the economy as a whole, including topics
More information2010 CSA Survey on Retirement and Investing
2010 CSA Survey on Retirement and Investing Prepared for: Canadian Securities Administrators Executive Summary September 28, 2010 www.ipsos.ca TABLE OF CONTENTS EXECUTIVE SUMMARY... 1 Key Findings... 1
More informationChapter 7 Unemployment, Inflation, and Long-Run Growth. Unemployment. Unemployment. Measuring Unemployment
Chapter 7, Inflation, and Long-Run Growth Measuring Components of the Rate The Costs of Inflation The Consumer Price Index The Costs of Inflation Long-Run Growth Output and Productivity Growth Measuring
More informationInsolvency Statistics in Canada. September 2015
Insolvency Statistics in Canada September 2015 List of Tables Table 1: Total Insolvencies... 1 Table 2: Insolvencies Filed by Consumers... 2 Table 3: Insolvencies Filed by Businesses... 3 Table 4: Insolvencies
More informationComparing Ontario s Fiscal Position with Other Provinces
Comparing Ontario s Fiscal Position with Other Provinces Key Points In 2017, the Ontario provincial government received $10,415 in total revenue per person 1, the lowest in the country. Despite the lowest
More informationUnit 5 Notes. National Economic Performance
Unit 5 Notes National Economic Performance Economic Indicators Economic Indicators are statistics that economists use to determine the health of a nation s economy. We are going to focus on three statistics
More informationPOVERTY PROFILE UPDATE FOR
POVERTY PROFILE UPDATE FOR 1991 National Council of Welfare Jeanne Mance Building OTTAWA K1A 0K9 613 957-2961 Winter 1993 POVERTY IN CANADA IN 1991 The pages that follow contain selected poverty statistics
More informationChapter 9 Inflation and Unemployment.notebook. April 25, 2017
1 unemployment an economic indicator which measures the percentage of the labour force which is unemployed. 2 Terms associated with unemployment statistics: labour force population all residents of Canada
More informationHighlights. For the purpose of this profile, the population is defined as women 15+ years.
A L B E R T A L A B O U R F O R C E P R O F I L ES Women 2014 Highlights For the purpose of this profile, the population is defined as women 15+. Working Age Population of Women in Alberta The number of
More informationSTATISTICS CANADA RELEASES 2016 GDP DATA
STATISTICS CANADA RELEASES 2016 GDP DATA On November 8, 2017 Statistics Canada released Provincial Gross Domestic Product (GDP) data for 2016 as well as revisions for 2011 to 2015. The PEI GDP at market
More informationMortgage Loan Insurance Business Supplement
CANADA MORTGAGE AND HOUSING CORPORATION Mortgage Loan Insurance Business Supplement FIRST QUARTER March 31, 2015 To supplement CMHC s unaudited Quarterly Consolidated financial statements, which are prepared
More informationInsolvency Statistics in Canada. April 2013
Insolvency Statistics in Canada April 2013 List of Tables Table 1: Total Insolvencies... 1 Table 2: Insolvencies Filed by Consumers... 2 Table 3: Insolvencies Filed by Businesses... 3 Table 4: Insolvencies
More informationComments on Selected Financial Information. 4.3 Debt
4.3 Debt As at 31 March 2006, borrowings were reported in the Consolidated Statement of Financial Position at $6.5 billion, which represents total borrowings of $7.4 billion less sinking fund assets of
More informationSTATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA
STATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA 2015 NET FARM INCOME On May 25, 2016 Statistics Canada released estimates of Net Farm Income for Canada and the provinces for
More informationCHAPTER 14 ECONOMIC INSTABILITY
CHAPTER 14 ECONOMIC INSTABILITY Business Cycles Economic growth is something that is beneficial to almost everyone Sometimes though, economic growth is interrupted by business cycles largely systematic
More informationMONITORING JOBS AND INFLATION
21 MONITORING JOBS AND INFLATION After studying this chapter, you will be able to: Explain why unemployment is a problem and define the unemployment rate and other labour market indicators Explain why
More information2016 Alberta Labour Force Profiles Women
2016 Alberta Labour Force Profiles Alberta s Highlights Population Statistics Labour Force Statistics lowest percentage of women in the working age population 1. 51.7% NS 2. 51.5% PEI 9. 49.6% SK 10. 49.3%
More informationCHAPTER 6: MONITORING CYCLES, JOBS, AND THE PRICE LEVEL
Principles of Macroeconomics CHAPTER 6: MONITORING CYCLES, JOBS, AND THE PRICE LEVEL Learning Goals: A. A recession started in March 2001 and ended in November 2001. What defines a recession, who makes
More informationCommitted to a better Canada:
Committed to a better Canada: The Bank of Canada s role in challenging economic times Remarks to the Thunder Bay Chamber of Commerce Thunder Bay, Ontario 8 September 2016 Timothy Lane Deputy Governor Bank
More informationChapter 19. What Macroeconomics Is All About. In this chapter you will learn to. Key Macroeconomic Variables. Output and Income
Chapter 19 What Macroeconomics Is All About In this chapter you will learn to 1. Describe the meaning and importance of the key macroeconomic variables, including national income, unemployment, inflation,
More informationFiscal Sustainability Report 2017
Fiscal Sustainability Report 217 Ottawa, Canada 5 October 217 www.pbo-dpb.gc.ca The Parliamentary Budget Officer (PBO) supports Parliament by providing analysis, including analysis of macro-economic and
More informationMinimum Wage. This will make the minimum wage in the NWT one of the highest in Canada.
Backgrounder Minimum Wage The Minister of Education, Culture and Employment will increase the minimum wage in the NWT to $12.50 per hour on June 1 st, 2015. This will make the minimum wage in the NWT one
More informationJune Decentralization, Provincial Tax Autonomy and Equalization in Canada
June 20081 Decentralization, Provincial Tax Autonomy and Equalization in Canada Overview What are the interrelationships/connections between the high degree of tax decentralization and provincial tax autonomy
More informationMEASURING ECONOMIC PERFORMANCE PRODUCT MARKET
Name: Period THE CIRCULAR FLOW MODEL MEASURING ECONOMIC PERFORMANCE PRODUCT MARKET BUSINESSES HOUSEHOLDS RESOURCE MARKET 1. AKA: 2. 3. Additional Notes on Previous Page/Practice Workspace Quick Write Space
More informationProvincial and National Employment, Alberta and Canada Employment Rates 1, % 62.7% 62.7% 63.0% 63.5%
Employment ALBERTA S HOT ECONOMY CONTINUES TO PRODUCE HIGH EMPLOYMENT GROWTH IN 2007 The number of employed Albertans in 2007 increased by 88,775, higher than the 2006 growth of 86,240. The economy also
More informationTrends in Labour Productivity in Alberta
Trends in Labour Productivity in Alberta June 2016 -2- Introduction Labour productivity is the single most important determinant in maintaining and enhancing sustained prosperity for Albertans. Higher
More informationTD Economics Special Report
TD Economics Special Report www.td.com/economics WHEN THE COMMODITY BOOM GOES BUST The dramatic rise in commodity prices that took place between 22 and mid-28 had a profound effect on the Canadian economy.
More informationMeasuring the Economy. Measur
Measuring the Economy Measur Economic indicators Economic indicators are statistics that help economists judge the health of an economy. They provide information about important aspects of the economy.
More informationMackenzie's Canadian Federal / Provincial Marginal Tax Rates
Mackenzie's Federal / Provincial Marginal Tax Rates Current as of: July 1, 2012 Quick Links by Province AB NS QC BC NT SK MB NU YT NB ON NL PE How To Use These Tables: Marginal Tax Rates calculate the
More informationGrade 11 Economics Unit #4: Macroeconomics Practice Test and Answer Key
Name: Grade 11 Economics Unit #4: Macroeconomics Practice Test and Answer Key Note: Section A of the actual test will contain multiple-choice questions. You can practice this type of question within the
More informationEstimated total job losses from 10% minimum wage increase across all provinces Upper Bound 321,300 Lower Bound 92,300 Source: CFIB calculations from Statistic Canada s 2009 Labour Force Survey data. iv
More informationGross Domestic Expenditures on Research and Development in Canada (GERD), and the Provinces
Catalogue no. 88-221-X Gross Domestic Expenditures on Research and Development in Canada (GERD), and the Provinces National estimates 2002 to 2012 / estimates 2006 to 2010 How to obtain more information
More informationThe Nova Scotia Minimum Wage Review Committee
Annual Report January 2016 The Nova Scotia Minimum Wage Review Committee Minimum Wage Review Committee Report Page 1 of 5 Honourable Kelly Regan Minister of Labour and Advanced Education 5151 Terminal
More informationFiscal Coordination in Canada
Nipun Vats Federal-Provincial Relations Division, FInance Canada Presentation to OECD-MENA Senior Budget Officials Nov 1, 2010 This presentation does not necessarily reflect the views of the Department
More informationIndividual Taxation Tax Planning Guide
Taxable Income TABLE I1 ONTARIO (2014) TAX TABLE Tax Effective Marginal Rate Federal Ontario Total Rate Federal Ontario Total $ $ $ $ 10,000-17 17 0.2 0.0 5.0 5.0 11,000-67 67 0.6 12.9 5.1 18.0 12,000
More informationSuccess is the sum of small efforts, repeated day in and day out. Robert Collier Test Yourself - Business Cycles and Unemployment
Success is the sum of small efforts, repeated day in and day out. Robert Collier Test Yourself - Business Cycles and Unemployment What is a business cycle? A business cycle is alternating periods of economic
More informationGEORGIA PERFORMANCE STANDARDS. Macroeconomics
GEORGIA PERFORMANCE STANDARDS Macroeconomics GEORGIA PERFORMANCE STANDARDS INTERNATIONAL ECONOMICS Macroeconomic Concepts SSEMA1 The student will illustrate the means by which economic activity is measured.
More informationEco202 Review, April 2011, Prof. Bill Even. I. Introduction. A. The causes of the great recession B. Government responses to great recession
Eco202 Review, April 2011, Prof. Bill Even I. Introduction. A. The causes of the great recession B. Government responses to great recession II. III. Chapter 4: Measuring GDP and Economic Growth A. Definition
More informationThe Nova Scotia Minimum Wage Review Committee Report
Annual Report January 26 2018 The Nova Scotia Minimum Wage Review Committee Report Minimum Wage Review Committee Report Page 5 of 4 Honourable Labi Kousoulis Minister of Labour and Advanced Education 1505
More information2019 economic outlook:
2019 economic outlook: What s ahead and what does it mean for entrepreneurs? Pierre Cléroux, Vice President Research and Chief Economist, BDC January 2019 Agenda 1 2 3 World economic outlook Alberta economic
More informationECON 361: Income Distributions and Problems of Inequality
ECON 361: Income Distributions and Problems of Inequality David Rosé Queen s University January 29, 2018 1/1 Last class... Taxes and Transfers The Tale of the Tails Today... Assignment 1 posted Inequality
More information3. The phase of the business cycle in which real GDP is at a minimum is called: A. the peak. B. a recession. C. the trough. D. the underside.
1. Most economists agree that the immediate determinant of the volume of output and employment is the: A. composition of consumer spending. B. ratio of public goods to private goods production. C. level
More informationChapter 11 Macroeconomic Issues: Economic Growth and the Business Cycle
Chapter 11 Macroeconomic Issues: Economic Growth and the Business Cycle Multiple Choice Questions Choose the one alternative that best completes the statement or answers the question. 1. The sources of
More informationBusiness Cycle Theory
Business Cycle Theory Changes in Business Activity Economics, Unit: 06 Lesson: 01 Objectives 1.Describe phases of business cycle 2.Identify and explain the factors that cause business cycles 3.Analyze
More informationProvince of Alberta CIBC Government Finance Conference Vancouver June 11, 2018
Province of Alberta CIBC Government Finance Conference Vancouver June 11, 2018 Stephen J Thompson Executive Director Capital Markets, Treasury Board and Finance and Catherine Rothrock Chief Economist &
More informationAccess to Basic Banking Services
Access to Basic Banking Services Opening a personal deposit account and cashing Government of Canada cheques or other instruments In order to improve access to basic banking services, legislation requires
More informationWe use GDP to compare different economies or to track the same economy over time.
Lecture Notes ECON 1A: Principles of Macroeconomics Chapter 5 - Introduction to Macroeconomics Introduction Macroeconomics looks at the big picture: Demand for: Average price of: Consumption by: Investment
More informationGO ON TO THE NEXT PAGE. -8- Unauthorized copying or reuse of any part of this page is illegal.
30. Which of the following is most likely to be caused by an adverse supply shock? (A) Structural unemployment (B) Frictional unemployment (C) Demand-pull inflation (D) Cost-push inflation (E) Deflation
More informationChapter Outline. Chapter 6 Every Macroeconomic Word You Have Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession and Depression
Chapter 6 Every Macroeconomic Word You Have Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession and Depression Chapter Outline Measuring the Economy Real Gross Domestic Product and Why
More informationCLHIA STANDARDIZED ADVISOR PRACTICE REVIEW FOR USE IN THE MGA CHANNEL
August, 2017 CLHIA STANDARDIZED ADVISOR PRACTICE REVIEW FOR USE IN THE MGA CHANNEL Canadian Life and Health Insurance Association Inc., 2017 for Use in the MGA Channel Instructions Introduction The Standardized
More informationCREA Updates Resale Housing Forecast Ottawa, ON, December 15, 2014
CREA Updates Resale Housing Forecast Ottawa, ON, December 15, 2014 The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS ) Systems
More informationChapter 4: A First Look at Macroeconomics
Chapter 4: A First Look at Macroeconomics Principles of Macroeconomics I. Economics as a Social Science A. Economics is the social science that studies the choices that individuals, businesses, governments,
More informationMACROECONOMICS - CLUTCH CH UNEMPLOYMENT AND INFLATION.
!! www.clutchprep.com CONCEPT: LABOR FORCE AND UNEMPLOYMENT Tracking levels of employment within an economy gives meaningful data regarding the nation s productivity Labor Force the total number of workers,
More information2003 BCSECCOM 764 AND IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS AND
Headnote Mutual Reliance Review System for Exemptive Relief Application application for relief from the insider reporting requirement in connection with certain dispositions of securities made to satisfy
More informationEconomics Chapters Duke Unit III Measuring Economic Performance
Economics Chapters 12-16 Duke Unit III Measuring Economic Performance Chapter 12 Section 1 (Pgs. 301-308) Gross Domestic Product (GDP)- 1. What is the difference between final goods and services as opposed
More informationTHE JOHN HOWARD SOCIETY OF CANADA FINANCIAL STATEMENTS AS AT MARCH 31, 2014
FINANCIAL STATEMENTS AS AT MARCH 31, 2014 TABLE OF CONTENTS AS AT MARCH 31, 2014 Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 3 Statement of Revenue and Expenditures
More informationScotiabank Ombudsman. Annual Report. The Year in Review. Click here
Annual Report Scotiabank Ombudsman The Year in Review The Canadian economy, like the global economy, continued to expand at a moderate rate in for the second year in a row. At Scotiabank s Office of the
More informationPARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2013
PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2014 November 2013 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2014 Legal deposit - Bibliothèque et Archives nationales du Québec November 2013 ISBN
More informationFederal Financial Support to Provinces and Territories: A Long-term Scenario Analysis
Federal Financial Support to Provinces and Territories: A Long-term Scenario Analysis Ottawa, Canada March 8 www.pbo-dpb.gc.ca The Parliamentary Budget Officer (PBO) supports Parliament by providing economic
More informationInvesting in Canada s Future. Prosperity: An Economic Opportunity. for Canadian Industries
Investing in Canada s Future Prosperity: An Economic Opportunity for Canadian Industries PART II of Reconciliation: Growing Canada s Economy by $27.7 B Methods and Sources Paper Prepared for the National
More informationPARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011
PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 October 2010 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 Legal deposit - Bibliothèque et Archives nationales du Québec October 2010 ISBN
More informationEI parental benefits changes and amendments to federal and provincial maternity/pregnancy and parental leaves
FEDERAL LEGISLATIVE CHANGES 18-05 EI parental benefits changes and amendments to federal and provincial maternity/pregnancy and parental leaves Employment Insurance Act changes The Employment Insurance
More informationNet interest income on average assets and liabilities Table 66
Supplemental information Net interest income on average assets and liabilities Table 66 Average balances Interest (1) Average rate (C$ millions, except percentage amounts) 2009 2008 2007 2009 2008 2007
More informationFederal Politics Backgrounder: Comparing Online and Phone Horserace Results
Federal Politics Backgrounder: Comparing Online and Phone Horserace Results Field Dates: Telephone: April 12 th to May 2 nd, 2018, Online: May 7 th to May 14 th, 2018 Sample Size: Telephone: n=1,000 (MoE
More information