ECON 2 Lecture Notes - Lecture 9: Demand Curve, Structural Unemployment, Unemployment Benefits

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3 Nov 2016
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Labor force statistics: adult population (age > 15) Employed: people who work, in their own business or otherwise, unpaid workers in family business. Unemployed: people not working and have looked for job during. Not in labor force previous 4 weeks. Unemployment rate: number of unemployed / labor force x 100. Labor force participation rate: labor force / adult population x 100. Problem: number of adult people who are employed is a, number of adults who are unemployed is b, number of people who are not in the labor force is c. Number of adult population = a + b + c. Labor force participation rate = a + b / a + b + c x 100. Unemployment rate = b / a + b x 100. Unemployment rate: natural rate of unemployment. Frictional unemployment: unemployment that results because it takes time for workers to search for the jobs that best suit their skills and tastes.

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