MGEA06H3 Lecture Notes - Lecture 2: Frictional Unemployment, National Research Universal Reactor, Prevailing Wage

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MGEA06H3 Full Course Notes
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MGEA06H3 Full Course Notes
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The unemployment rate: employed (e): paid job, ft/pt, unemployed (u): actively searching for job during past four weeks; but don"t have one, not in labour force (nilf): do not have job and not searching for one. **labour force doesn"t include soldiers, ft students, mat leave, etc; With these three population groups, we can calculate: labour force (lf) = e + u, employed + unemployed, labour force participation rate (lfpr): % of adult population in labour force. = (labour force / adult population) *100: unemployment rate (ur): % of unemployed labour force = (# of unemployed / lf) *100, employment rate (er): % of employed adult population = (# of employed/adult pop. ) Lfpr = (labour force / adult population) *100% = (17986. 8+1364. 8)/29401. 2 = 66% ur = (# of unemployed / lf) *100% = 1364. 8/(17986. 8+1364. 8) = 7% er = (# of employed/adult pop. ) The ur tells what"s happening in labour market (how easy/hard to get job)

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