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The labor force is the total number of workers, including both the employed and the unemployed. The unemployment rate is the percentage of those who would like to work and do not have jobs. Frictional unemployment is inevitable simply because the economy is always changing. Unemployment insurance, while reducing the hardship of unemployment, increases the amount of frictional unemployment. The unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one is called structural unemployment, which is often thought to explain longer spells of unemployment. Continue reading →

The field of finance studies how people make decisions regarding the allocation of resources over time and the handling of risk. Continue reading →

The financial system consists of those institutions in the economy that help to match one person’s saving with another person’s investment. At he broadest level, the financial system moves the economy’s scarce resources from savers to borrowers. Savers supply their money to the financial system with the expectation that they will get it back with interest at a later date, while borrowers demand money from the financial system with the knowledge that they will be required to pay it back with interest at a later date. Continue reading →

The explanation of the large variation in living standard around the world can be summarized in a single word – productivity. Productivity is the quantity of goods and services produced from each unit of labor input. Continue reading →

The consumer price index (CPI) is a measure of overall cost of the goods and services bought by a typical consumer. When the CPI rises, the typical family has to spend more money to maintain the same standard of living. The inflation rate is the percentage change in the price index from the preceding period. When the inflation rate rises, the economy’s overall price level is rising. The producer price index (PPI) measures the cost of a basket of goods and services bought by firms rather than consumers. Because firms eventually pass on their costs to consumers in the form of higher consumer price, changes in the PPI are often thought to be useful in predicting changes in the CPI. Continue reading →

曼昆 – 经济学原理 23 Summary of Chapter 23 – Measuring a Nation’s Income 关键词： gross domestic product ( GDP ): 国内生产总值 consumption: 消费 investment: 投资 government purchases: 政府采购 net exports: 净出口 nominal GDP: 名义GDP real GDP: 实质GDP GDP deflator: GDP紧缩指数 … Continue reading →

Like all scientists, economists are always on the lookout for new areas to study and new phenomena to explain. Information Asymmetry: A difference in access to relevant knowledge. Political economy applies the methods of economics to study how government works. Behavior economics is a field in which economists makes use of basic psychological insights. Continue reading →

The theory of consumer choice examines the trade-offs that people face in their role as consumers.The budget constraint shows the consumption bundles that the consumer can afford. An indifference curve shows the bundles of consumption that make the consumer equally happy. Continue reading →

There are some different options for policymakers to achieve the goal of reducing the number of people in poverty. Each of the options does help some people escape poverty, but none of them is perfect. Continue reading →

the study of wage differences among groups does not establish any clear conclusion about the prevalence of discrimination. Continue reading →