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EC140 (417)
Lecture

01 Unemployment.docx

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Department
Economics
Course
EC140
Professor
Peter Sinclair
Semester
Winter

Description
Unemployment & Inflation Unemployment results in:  Lost production and incomes  Lost human capital: damages human capital Labour Force Survey 1. Working age population – number of people aged 15 and older a. People in labour force b. People not in labour force 2. Too young to work Labour force = employed + unemployed Unemployed: 1. Without work but has made specific efforts to find a job within 4 weeks 2. Waiting to be called back to a job (laid off) 3. Starting a new job within 30 days Labour Market Indicators: Unemployment rate: % of labour force that is unemployed (unemployed/LF) Involuntary part-time rate: % of labour force who work part time but want full time jobs. (involuntary part-time/LF) Labour force participation rate: % of working age population in labour force. (LF/working-age population) Employment to population ratio: % of working age people who have jobs. (Employed/working-age population) Unemployment rate is imperfect: Excludes some underutilized labour  Marginally attached worker: currently not working or seeking but has indicated that they want to work when jobs are available o Discouraged worker: marginally attached worker who has stopped looking for jobs  Part-time worker who want full-time jobs Some unemployment is unavoidable Sources of unemployment 1. Lose their jobs and search for
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