ECON 1010 Lecture Notes - Lecture 3: Human Capital, Business Cycle, Frictional Unemployment
Document Summary
Econ1010- lecture #3- chapter 21: monitoring jobs and inflation (part 1) Unemployment results in: lost incomes and production, lost human capital. The loss of income is devastating for those who bear it. Unemployment benefits create a safety net but don"t fully replace lost wages, and not everyone receives benefits. Every month, statistics canada conducts a labor force survey in which it asks 54,000 households. The population is divided into two groups: the working-age population the total number of people aged 15 years and over, people too young to work (under 15 years of age) The working-age population is divided into two groups: people in the labor force, people not in the labor force. The labor force is the sum of employed and unemployed workers. Econ1010- lecture #3- chapter 21: it is the percentage of the labor force that is unemployed, the unemployment rate is (number of people unemployed labor force) 100.
