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Lecture 2

Economics 1022A/B Lecture Notes - Lecture 2: Unemployment, Business Cycle, Market Basket


Department
Economics
Course Code
ECON 1022A/B
Professor
Jeannie Gillmore
Lecture
2

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      1
Macroeconomics 1022B
Lecture Cycle 2 (Chapter 21)
Monitoring Jobs and Ination
Employment and Unemployment
 !
"#$ !%
&!'(()) *+ ")) (%
- Divides into 2 groups,+' "' "%
*Split into 2 groups:
% ) *-'" .).%
2. /) *Person is unemployed if they fall into 1 of these categories:
0 &'1!)'232.1'')'1!%
0 &'( !."1'4 '3%
0 &'(1.1''51!%
Stascs Canada calculates the 4 labor market indicators,
1. /) 6*7(")) ' "1) %
Unemployment Rate = Number of People Unemployed x 100
Labor Force
- ' %
o6'''" '5)'%
- 1'' 897'%
2. : 76*7(")) ' 
"1).1" .%
Involuntary Part-me Rate = Number of Involuntary Part-me workers x 100
Labor Force
3. 7')6*7("1!'(()) 1
" "%
Labor Force Parcipaon-Rate = Labor Force x 100
Working age
Populaon
4. ) 7) 6*7("1!'(()) 1.%
Employment-to-Populaon Rao = Number of People Employed x 100
Working Age Populaon
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