Summary CORE Economy Chapter 9 - Labour Market

Chapter 9

Wages and Work in the Macroeconomy

 Price-settingrfsn rroducendiferetiatedn rroducts.
 Then ritci al-aiettnfrodelncatnex laitnthencrotfictnroonitterestnbetweetnthenef lroyernatdnthe
ef lroyeenrovernwrorker’snefrorttnatdnwhyncrottractsnarentrotnetrouihntronresrolventhis.
o Hrownarenthenecrotrofy-widenwaiesnatdnef lroyfettndeterfited?
o Hrowncatnwenif rrovenrotnthesenroutcrofes?

Unemployment in the Macroeconomy

 Mrodelsn rice-settinatdnwaie-settinbehavirournroongrfstnwhichndeterfitesnecrotrofy-widen
utef lroyfettnratenatdnrealnwaie
 Ex laitsnwhynutef lroyfettnexistsnevetnitnequilibriuf
 Shrowsnhrownthenirovertfettncatnafectnwaiesnatdnutef lroyfettnbynitsn rolicies
 Atalysenthenrrolenroonlabrournutirots

The unemployed

 Thenutef lroyednarenthen ero lenwhro:
o Arentrotnitn aidnef lroyfettnrornselo-ef lroyfett
o Arenavailablenorornwrork
o Arenacivelynseekitinwrork

The labour market: Defniions




Labour market staisics

 Twroncrouttriesnwithnthensafe
utef lroyfettnratencatndifernitntheir
ef lroyfettnratesnionrotenhasnanhiih
arici airotnratenatdnthenrothernhasna
lrownrote.
 nThenstructurenroonthenlabrournfarketn
difersnwidelynacrrossncrouttries.n