ECO 1102 Lecture Notes - Lecture 6: Structural Unemployment, Frictional Unemployment, Efficiency Wage

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ECO 1102 Full Course Notes
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ECO 1102 Full Course Notes
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Unemployment is usually divided into two categories: the long-run problem, the short-run problem. Natural rate of unemployment: the amount of unemployment the economy normally experiences. Cyclical unemployment: year-to-year uctuations in unemployment around the natural rate. Unemployment is measured by (data is collected on): unemployment, employment, length of workweek, duration of unemployment. Labor force: the total number of works, including both the employed and the unemployed. Lf= number of employed + number of unemployed. Unemployment rate: the percentage of the labour force that is unemployed. Labour force participation rate: the percentage of the adult population that is in the labour force . Lfpr= ( lf ) x100 ( adult population ) Unemployment rate for people 15-24 is higher than at any other age period. Discourage searchers: ** individuals who would like to work but have given up looking for a job. (on the midterm) very important. Almost half of the unemployment rate is people who have given up and are discouraged.

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