AUECO102 Lecture Notes - Lecture 5: Production Quota, Market Power, Root Mean Square

• School: University of Alberta
• Department: Augustana Faculty - Economics
• Course: AUECO102
• Professor: yasserfahmy

Document Summary

The problem of unemployment is usually divided into two categories - the long run problem and the short-run problem: the natural rate of unemployment. Unemployment that does not go away on its own even in the long run. The amount of unemployment that the economy normally experiences: the cyclical rate of unemployment. Year-to-year uctuations in unemployment around its natural rate. Associated with short-term ups and downs of the business cycle: describing unemployment. Employed - working at a paid job. Unemployed - laid off, looking for work. Not in the labour force - retired, students, homemakers: how is unemployment measured. The labour force is the total number of workers, including both employed and unemployed. The bureau of labour statistics (bls) de nes the labour force as the sum of the employed and unemployed. Unemployment rate = number of unemployed divided by the labour force times. Labour force participation rate = labour force divided by adult population times.