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Western University
Economics 2152A/B
Ayoub Yousefi

Working Age Population: people over 15, those in the labour force + those not in the labour force The Labour Force: those employed + those unemployed Employed: full time + part time Part time: Voluntary + Involuntary Involuntary: means they have part time job, but can’t get a full time job Who is Unemployed: 1. Without work, but actually looking for work within the previous 4 weeks 2. Waiting to be called back to a job from which they had been laid off 3. Waiting to start a new job within 4 weeks The unemployment rate: (Number of people unemployed/Labour Force) x 100 Types of Unemployment: 1. Frictional Unemployment arises from normal labour market turnover – from people entering and leaving the labour force and the ongoing creation and destruction of jobs. – It is permanent and healthy phenomenon in a growing economy 2. Structural Unemployment arises when changes in technology, international competition, or location change the skills needed to perform jobs. 3. Seasonal Unemployment arises because the number of jobs available has changed because of the season. Full employment exists when the unemployment rate equals the natural rate of unemployment The natural rate of unemployment is the unemployment rate less cyclical unemployment. Full Employment Why is unemployment at full employment “natural”? - The economy undergoes constant change. Some facts about NRU:
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