ECON 1950 Lecture Notes - Lecture 4: Discouraged Worker, Gdp Deflator, Summer Garden
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Document Summary
Unemployment: refers to a situation in which persons 15 years old and over actively seeking work but do not have employment. Full time student, not looking for work---> not unemployed. Retired people, not looking for work ----> not unemployed. Working age population: people aged 15 years and over. Labor force: members in working age population either employed or unemployed. Labor force participation rate: percentage of those in the working age population who are in the labor force. Percentage of those in the labor force who do not have paid employment. Discouraged workers: people who look for work for a long time, but could not get a job. Seasonal unemployment- snow plowing, summer garden worker, farmer ranch hand, out of season unemployed. No cyclical unemployment but there will be frictional and structural unemployment. Natural rate of unemployment is the unemployment rate at full employment. Cpi basket: what consumers in canada generally purchase.
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Suppose a government report about aâ country's employment situation reveals the following dataâ (all values are in millions ofâ people).
240 | â= | âWorking-age population |
110 | â= | Employed people |
26 | â= | People not working but actively looking for work |
28 | â= | Unemployed people who have stopped looking for work |
76 | â= | People not working and not seeking work |
If the country in question is the Unitedâ States, these data are obtained from household surveys
.
From the dataâ above, it can be determined that thisâ country's labor force is ? million people.
If someone could help me answer the question mark in bold it would be much apprecaited. Thanks!