ECON 203 Chapter Notes - Chapter 9-11: Fractional-Reserve Banking, Frictional Unemployment, Open Market Operation
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ECON 203 Full Course Notes
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Labor force is the total number of workers, including both the employed and the unemployed. Unemployment rate(aka u rate) is no. of unemployed/labor force *100. Population is sum of labor force + not in labor force. Discouraged searchers are individuals who would like to work but have given up looking for a. Labor force participation rate is the percentage of the adult population that is in the labor force. It is calculated as (labor force)/(adult population)*100 job. Involuntary part time workers work part time because they could not find full time work. Natural unemployment rate is the rate of unemployment to which the economy tends to return in the long run. In canada it is between 6 and 8 percent. Natural rate of unemployment refers to the amount of unemployment the economy normally experiences. Cyclical unemployment refers to the year to year fluctuations in unemployment around the natural rate (deviation of unemployment from its natural rate)