ECON 1BB3 Lecture Notes - Computer Engineering, Employment-To-Population Ratio, Underemployment
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ECON 1BB3 Full Course Notes
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Note in labour force are people such as: grandparents, students, and house wives: note: stats canada considers adults as someone who is age 15 or older, unemployment rate: fraction of the labor force unemployed. Unemployment rate = (# of unemployed/ labour force) x 100. Employment rate = (# of employed / adult population) x 100. Lfpr(labour force participation rate) = (labour force / adult population) x 100. 1) discouraged workers who are unemployed for awhile then become discouraged. (not in labor force) 2) underemployment: people are working part time who would rather full time, working below skill level. Ex: a person with computer engineering degree but is flipping burgers or doctors driving cabs. There are 3 types of unemployment: 1) frictional unemployment: A) job search (finding suitable people for the suitable job) Quantity of labour supplied > quantity of labour demanded: 3) cyclical unemployment. Happens when the economy goes into recession.