ECON 1BB3 Lecture 5: Unemployment and Its Natural Rate, and The Monetary System

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ECON 1BB3 Full Course Notes
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ECON 1BB3 Full Course Notes
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Econ 1bb3: macroeconomics lecture 5: unemployment and its natural rate, and the. Labour market statistics: labour force (lf, total number of employed individuals (e) and unemployed individuals (u) Unemployment rate (ur: percentage of the lf that is unemployed, ur. Labour force participation rate (lfpr: percentage of the adult population in lf, lfpr = Graphs of the following: labour market, minimum wage, cyclical (disequilibrium) short-run unemployment, unions, efficiency wage theory. Fiscal agent and financial advisor to the government. Chapter 9: page 197, text mentions discouraged searchers" but in the course notes i talk about. Discouraged workers"; each of these concepts means the same thing. Unemployment is measured by the: labour force survey (lfs) Those working at a job part-time or full-time. Those not currently working but actively seeking work. Those who are in a mental institution. Labour force (lf) consists of: employed, and, unemployed individuals.

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