ECO 1102 Lecture Notes - Lecture 5: Efficiency Wage, Collective Bargaining, Market Power

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ECO 1102 Full Course Notes
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ECO 1102 Full Course Notes
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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 labour force survey (lfs). From the results of the survey, each adult (aged 15 and older) from the survey is either: Employed (spent some ime in the previous week working at a paid job) Unemployed (on temporary layof or is looking for work) Not in the labour force (none of the above, e. g. , full-ime student, a reiree, homemaker) Once the surveyed individuals are categorized, then sc will compute various staisics. Labour force: the total number of workers, including both the employed and the unemployed. Unemployment rate: the percentage of the labour force that is unemployed.

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