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1BB3 Notes Chapter 9.docx

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Bridget O' Shaughnessy

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Lecture # Chapter 9 Macroeconomics 1BB3 Date: 15/10/2012 Unemployment and its Natural Rate Statistics Canada divides the non-institutional (non-military) adult population (15+) into three categories. • Employed • Unemployed • Not in the labour force. Unemployment Rate = # of unemployed/labour force X 100 LFPR = Labour Force/Adult Population X 100 Employment Rate = #Employed/Adult Population X 100 The figures provided by Statistics Canada might not reflect reality because: • Discouraged Workers o People who would like to have a job but have been discouraged in their searches. They did not look for a job so they would count as not in the labour force although they would love to have a job. • Underemployment o People who are working less hours then they would like. o People who are working not up to their professionally trained skill level. There are three types of unemployment • Frictional Unemployment o Job search times o Sectoral shifts. When some sectors are on the rise and some are on the decline. o Seasonal • Structural Unemployment o Quantity of labour demanded is less than the quantity of labour supplied. o Could be caused by Minimum wage laws in economic theory o There is a diff
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