Economics 1021A/B Lecture Notes - Lecture 12: Labour Force Survey, Real Wages, Unemployment

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Elizabeth Torrens

Document Summary

Lost incomes and production: unemployment benefits create a safety net, but do not fully replace lost earnings. Lost human capital: prolonged unemployment permanently da(cid:373)ages a perso(cid:374)"s jo(cid:271) prospe(cid:272)ts, lowers the living standards in both the present and the future. E(cid:448)er(cid:455) (cid:373)o(cid:374)th tatisti(cid:272)s ca(cid:374)ada (cid:272)o(cid:374)du(cid:272)ts a (cid:862)la(cid:271)our for(cid:272)e ur(cid:448)e(cid:455)(cid:863) i(cid:374) (cid:449)hi(cid:272)h it asks (cid:1009)(cid:1008), 000 households a series of questions about the age and job market status of each household. Divided into two groups: the working-age population, too young to work or who live in institutions (unable to work) Working-age population: total number of people aged 15 years and older. The working-age population is divided into two groups: In the labour force (employed or unemployed: not in the labour force. Labour force: the sum of the employed and the unemployed. The employed are either full-time or part-time workers. To be counted as employed in the labour force survey, a person must have either a full- time job or a part-time job.