ECON 2020 Lecture Notes - Lecture 14: Business Cycle

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1 Mar 2017
Department
Course
Professor
03/01/2017
Chapter 15- Unemployment
Review
Labor Force = Employed + Unemployed
Unemployment Rate/U3
Labor Force Participation Rate
U6 Unemployment Rate
BLS Classifications
Looking only at adult, non institutionalized, non military
Unemployed
Employed
Not in the Labor Force
Students
Homemakers
Retirees
Marginally attached workers
Looked in the past 12 months but not the past 4 weeks
Workers who gave up looking
Examples
Full time office- Employed
Quits job and doesn’t seek another- Not in labor force
Forgoes job market, goes to grad school- Not in labor force
Fired and looks for new job- Unemployed
Employed at a fairgrounds- Employed
Loses full time position, gets part time- Employed
Retired physician- Not in labor force
Professor at University- Employed
Quit searching because cannot find a job- Not in labor force, marginally
attached
Example: 4 Employed, 1 Unemployed, 4 Not in Labor Force
# Unemployed
( )*100
Labor Force
( )*100
Unemployed+Marginally Attached+Part Time for
Labor
Force+Marginally Attached
(
)*100
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Document Summary

Looking only at adult, non institutionalized, non military. Looked in the past 12 months but not the past 4 weeks. Quits job and doesn"t seek another- not in labor force. Forgoes job market, goes to grad school- not in labor force. Fired and looks for new job- unemployed. Loses full time position, gets part time- employed. Quit searching because cannot find a job- not in labor force, marginally attached. Example: 4 employed, 1 unemployed, 4 not in labor force. Example: employed- 500, part time- 20, unemployed- 110, not in labor force- Unemployment caused by a surplus of labor. Unemployment caused by job search, or technological development or movement in other industries. Unemployment caused by a recession, the business cycle, lack of demand for goods and services. Process by which workers find appropriate jobs given their tastes and skills. Changes in demand for labor among different firms. Changes in composition of demand among industries and regions.

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