ECON 114 Lecture Notes - Lecture 9: Efficiency Wage, Market Power, Collective Bargaining
Document Summary
The problem of unemployment is usually divided into two categories: the long-run problem, the short-run problem. The economy"s natural rate of unemployment refers to the amount of unemployment the economy normally experiences. Cyclical unemployment refers to the year-to-year luctuaions in unemployment around the natural rate. Every month, staisics canada (sc) conducts the labor force survey (lfs). Data are collected on: unemployment, employment, length of workweek, duraion of unemployment. Once the surveyed individuals are categorized, then sc will compute various staisics. Labor force: the total number of workers, including both the employed and the unemployed. Unemployment rate: the percentage of the labor force that is unemployed. Labor force paricipaion rate: he percentage of the adult populaion that is in the labor force. For the most recent labor force data, go here: htp. Labor-force paricipaion rates for men and women since 1951. Movements into and out of the labor force are common and complicate the measurement of the amount of unemployment.
