CAS EC 102 Lecture Notes - Lecture 4: Absenteeism, Full Employment, Opportunity Cost

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23 Jan 2018

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Just got out of job and are looking for a new one (people between jobs) Also accounts for seasonal unemployment: structural. Long term unemployment that arises from a structural change in economy. When the skills in a particular labor market are no longer in demand. Mismatch between job skills or attributes of workers and the requirements of the job. E. g. globalization, shift in economy (industrialization to services based), obsolete professions. Deviation of natural unemployment from normal rates. Ring (especially strict in europe: minimum wage laws - forces the wage to remain above equilibrium as quantity of labour supplied is greater than quantity of labour demanded (surplus of labour. Thursday, october 12, 2017: reduced absenteeism and attracts higher quality job applications, motivate workers to put best effort, often leads to a decrease in rms overall cost, however above equilibrium wages can increase unemployment.

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Here are the raw results of an unemployment survey of the US one month: 330 million people, with 70 million under the age of 16. 15 million adults were in institutions such as prisons. 130 million of them had full-time jobs, 20 million had worked part-time the previous week. 40 million were retired, 20 million were full-time homemakers, and 25 million were full-time students. 3 million people fell into none of these categories but had not actively sought work in the last 3 months, while 7 million people had actively sought work but had not worked (and were not otherwise counted in a category above).

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(2) How many people are employed?

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There are 440,000 people residing in Riverside. Among them, 80% of the population is the civilian labor force. 15% of the civilian labor force lost their jobs because their job skills are not required any longer. 30% of civilian workers are unemployed because the current wage is fixed at a very high rate.

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CAS EC 102 Lecture Notes - Lecture 4: Absenteeism, Full Employment, Opportunity Cost

CAS EC 102 Full Course Notes

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