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Lecture 24

ECON202 Lecture 24: ECON202 Lecture : Unemployment and Inflation

Course Code
Harvey King

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Module 4: Unemployment and Inflation
Learning Objectives
Define and calculate a wide set of labour market measurements (unemployment rate, labour
force participation rate, etc.).
Explain how the unemployment rate has evolved over time, and how unemployment varies by
province, age, gender, and education levels.
Explain why unemployment rates are higher for youth.
Understand/explain labour market demand and supply, as well as be able to describe the flows
in and out of the labour market that create unemployment.
Define and explain frictional, structural, seasonal, and cyclical unemployment, as well as full
employment, and be able to categorize different described unemployed individuals into the 4
Basically, be able to begin to understand how the labour market works, and how it is affected by
positive and negative shocks of the economy.
Define the two major types of price levels, and be able to calculate the inflation rate.
Identify the societal costs of unemployment and inflation.
Define and explain deflation.
Figure 4.1 below shows the different types of labour market measures we might look at:
working-age population, labour force, employed and unemployed.
Figure 4.1 The Labour Force
This calculation of the labour force comes from the Labour Force Survey, which is a monthly
survey of 54,000 households by Statistics Canada.
To be officially counted as unemployed, you must be actively seeking work in the last 4 weeks,
or expecting to be recalled from a layoff, or waiting to start a new job within 4 weeks.
Working Population
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