ECON 200 Lecture Notes - Lecture 14: Structural Unemployment, Order Of Newfoundland And Labrador, Frictional Unemployment

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ECON 200 Full Course Notes
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ECON 200 Full Course Notes
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Some degree of unemployment is inevitable in a complex economy, but the amount of unemployment varies substantially over time and across countries. When a country keeps its workers as fully employed as possible, it achieves a higher level of gdp than it would if it left many of its workers idle. Natural rate of unemployment: the amount of unemployment that the economy normally experiences. Is closely associated with the short-run ups and downs of economic activity. Employed, unemployed, and not in the labor force. Employed: includes those who worked as paid employees, worked in their own business, or worked as unpaid workers in a family-member"s business. Includes those who were on vacation, ill, or unable to come in due to bad weather. Unemployed: includes those who were not employed, were available for work, and had tried to find employment during the previous four weeks.

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