ECON 2002.01 Lecture 6: Unemployment
12 Sep 2016
School
Department
Course
Professor
46
ECON 2002.01 Full Course Notes
Verified Note
46 documents
Document Summary
Cost of having to go to bank and get more money. Having to change prices on site or menu. Winner = paying money, loser = getting money. Labor force - total number of people 16+ working or unemployed. Unemployment rate - % of labor force unemployed. Active search - interviews, employment center, turning in apps, sending resumes. Passive search - saying you want one (not part of labor force) Lf = unemployed + employed i. ii. iii. Did at least 1 hr of work as paid employee. Worked in own business or on own farm and unpaid. Worked 15+ hour as unpaid worker in family owned business. Only counted once, even if working multiple jobs. Doesn"t count people working around house or doing volunteer work. Hard to distinguish between looking for work and looking for job at higher wage. Discouraged work - doesn"t search for 4 weeks; not unemployed.
