ECON 1020 (ECON1020)

Categorical Inequality Policy Measures

Trends Theories Measurement Categorical Inequality What is happening to the US economy? How can we measure income inequality? Why does economic inequality occur? What is the importance of income inequality for a society? How can we reduce inequality? Trends of the Income Inequality in the USA

The Relationship Between Unemployment and Inflation

Price determination amongst conflicting class interests

How to measure the price level? What factors affect the price level in an economy? What are the effects of inflation on the economy? The relationship between inflation and unemployment Why has the US economy been experiencing a high inflation rate? Who determines prices? Or who is in the position to raise the prices? Why do employers (CEOs or shareholders) raise the prices? How can employees contribute to a higher price? What are the impacts of inflation on income distribution?

Classical Model Bargaining Model Efficiency Wage Model

How much do you really get from work? - Measuring wage Nominal wage Consumer Price Index (CPI) Real wage

THE SUPPLY SIDE OF THE ECONOMY: UNEMPLOYMENT, WAGES, PRICES, INFLATION Measuring unemployment Major causes of unemployment

Gross Domestic Product (GDP) (Measuring Living Standards) Various approaches to GDP Nominal GDP vs. Real GDP (+ price index) Growth Decomposition

Monetary material growth Social and individual well-being What is economic growth? How to measure the aggregate economy? Measure of Aggregate Output: Gross Domestic Product (GDP)