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Full Employment Essay

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1. In an economy at full employment, Y=C+I+G+NX. List, define, and explain, the component parts of the formula? Would you consider our Economy at Full Employment now? Why or why not? • C = consumption (all private consumptions or consumer spending in the nation’s economy) • I = investment (country’s investments, such as business capital expenditures) • G = government purchases (government spending on all things that are necessary for them to spend money on) • NX = net exports. The difference between exports (sales of goods to foreign residents) and imports (purchases of goods abroad) (total exports – total imports) • Y = income or outputs (what we are able to get from all of these components) (produce) • I would consider our Economy to not …show more content…

So they will not need anybody else from the outside to work. Now if this was flipped the other way and the real wage decreases, firms will want to hire more labor and our supply of labor will decrease because less workers will want to work for the lower wage. So they may need to hire people from the outside who want to work for the lower wage in order to have people working for their hours. So in this labor market, our supply of labor and the firm’s demand to hire will depend on what the real wage is set …show more content…

Explore Appendix A, at the end of Chapter 8, a capital deepening model. Explain what each of the lines represents and why capital deepening must eventually come to an end. What are the effects on the model of technological progress and higher savings rates? I know looking at charts and graphs isn't fun, but it's the only way authors can draw you a picture. • For “Savings as a Function of the Stock of Capital”, Output and saving is on the Y-axis and Capital, K is on the X-axis and the two lines are Y and sY which equals savings. For “Depreciation as a Function of the Stock of Capital” Depreciation is on the Y-axis and Capital, K is on the X-axis with dK being the line in this diagram. • For basic growth Output, Y is on the Y-axis and Capital, K is on the X-axis. The three lines are all in this diagram. Depreciation is the reduction of a value in stocks. Output is how much that is produced and being sold or exported and Savings is money that is not being spent and maybe put away so it doesn’t get spend • dK = Depreciation • Y =

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