ECN 204 Lecture Notes - Lecture 3: Gdp Deflator, Speedstep, Human Capital
Document Summary
Week 3 lecture chapter 21 monitoring jobs and inflation. The loss of income is devastating for those who bear it. U(cid:374)e(cid:373)plo(cid:455)(cid:373)e(cid:374)t (cid:271)e(cid:374)efits (cid:272)reate a safet(cid:455) (cid:374)et (cid:271)ut do(cid:374)"t full(cid:455) repla(cid:272)e lost (cid:449)ages, a(cid:374)d (cid:374)ot everyone receives benefits. Prolo(cid:374)ged u(cid:374)e(cid:373)plo(cid:455)(cid:373)e(cid:374)t per(cid:373)a(cid:374)e(cid:374)tl(cid:455) da(cid:373)ages a perso(cid:374)"s jo(cid:271) prospe(cid:272)ts (cid:271)(cid:455) destro(cid:455)i(cid:374)g human capital. Every month, statistics canada conducts a labour force survey in which it asks 54,000 households. The population is divided into two groups: The working-age population the total number of people aged 15 years and over. People too young to work (under 15 years of age or over 65) The working-age population is divided into two groups: The labour force is the sum of employed and unemployed workers. To be counted as unemployed, a person must be in one of the following three categories: On temporary layoff with an expectation of recall.
