Class Notes (807,239)
Canada (492,664)
Economics (929)

Economics Chapter 21 Textbook Notes

6 Pages
Unlock Document

Western University
Economics 1022A/B
Jeannie Gillmore

thEcon Chapter 21 Notes January 16Employment and Unemployment y Unemployment is a serious personal and social economic problem for two main reasons results in o Lost production and incomesBrings loss of income for the unemployed workero Lost human capitalLong unemployment permanently damages a persons job prospects by destroying human capital Labour Force Survey y Stats Canada asks 54 000 households a series of questions every month about the age and job market status of the members of the house y The population divides into two broad groups o The working age populationo Others who are too young to work or who live in institutions and are unable to work y Working age population the total number of people age 15 and over o Also divided into two groups those in the labour force and those who arenty Labour force the sum of the employed and the unemployed y To be counted as employed in the labour force survey a person must have either a full time or part time job y to be counted as unemployed a person must be available for work and must be in one of three categories o without work but has made specific efforts to find a job within the previous four weeks o laid off from a job and be waiting to be called back to work o waiting to start a new job within four weeks Four Labour Market Indicators y stats Canada calculates four indicators of the state of the labour market o the unemployment rate o the involuntary part time rate o the labour force participation rate o the employmenttopopulation ratio The Unemployment Rate y unemployment rate the percentage of the people in the labour force who are unemployed ynumber of people unemployedlabour force y Labour forcenumber of people employednumber of people unemployed
More Less

Related notes for Economics 1022A/B

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.