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ECON 1020 (99)
Lecture 49

ECON 1020 Lecture 49: Lecture 49

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ECON 1020
Ryan A.Compton

lc78 By observing the large variations in unemployment rates for the different groups within each year and comparing the rates between the two years, we can generalize as follows: Occupation: workers in lowerskilled occupations have higher unemployment rates than workers in higherskilled occupations Age: teenagers have much higher unemployment rates than adults The unemployment for all teenagers rises during a recession Gender: the unemployment rates for men and women are usually similar 20082009 recession, men were more unemployed than women Education: lesseducated workers have higher unemployment rates than workers with more education Duration: the number of persons unemployed for long periods 15 weeks or more as a percentage of the labour force is much lower than the overall unemployment rate But that percentage rises significantly during recessions NonEconomic Costs of Unemployment: Idleness people dont want to sit around and not work (negatively affects wellbeing) Poverty, racial, and ethical tensions Reduces hope for material advancement Suicide, homicide, and physical and mental illness Severe unemployment can lead to rapid and sometimes violent social and political change Regional Variations: Table 74 The national unemployment rate in Canada does not reveal the significant diversity in regional unemployment Inflation: Meaning of Inflation:
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