9a.- What are the 4 phases of the business cycle?
9b.- What is the ‘labor force’?
9c.- Who is not counted as part of the labor force?
9d.- What are the 3 types of unemployment that the economy can have? (include examples)
9e.- What does ‘full-employment’ mean?
9f.- What type of unemployment increased significantly during the Great Depression that started in 1929?
9g.- What are the 2 types of inflation that the economy can have?
9h.- What type of inflation is generally associated with a large war such as World War II?
9i.- Go to the Bureau of Labor Statistics at: (see below)
Once there, on the right side, (you may need to scroll down) you will see the LATEST NUMBERS, that is the most recent informtion about the economy.
Click on Unemployment Rate, and then on Employment Situation Summary.
1- When is this information? (what month/year?)
2- What is the current unemployment rate?
3- Did total non-farm payroll employment increase/decrease in the most recent month?
Go back to the Bureau’s first page and from the LATEST NUMBERS, click on Consumer Price Index (CPI) and then on Consumer Price Index Summary.
4- How did the the CPI change in the month and for the year?
5- What item(s) accounted for the largest part of this change in the month?
NOTE: if the BLS website is under construction/revision, you can find
a.- the unemployment summary at https://www.bls.gov/news.release/empsit.nr0.htm
b.- the inflation summary at: https://www.bls.gov/news.release/cpi.nr0.htm