• know how unemp can increase after recessions due to the mechanical effect of discouraged workers reentering the workforce;
• define and calculate labor force;
• know who is excluded from the work-eligible population/relevant population/working-age population/potential labor force (synonyms);
• calculate and interpret LFPR;
• know basic trend of women in labor force in last 70 years
• Chapter 8: define inflation, deflation, hyperinflation;
• understand the difference between one price increasing, all prices increasing, vs. the overall level of prices (weighted average) increasing;
• define CPI; basic understanding of how the CPI basket is determined, and how the basket is priced;
• calculate a simple CPI using a basket of a few goods; know biggest weights in the actual CPI; differences and pros/cons of CPI vs. GDP deflator; know base year CPI value;
• calculate inflation from CPI levels;