EC140 Chapter Notes - Chapter 21: Core Inflation, Market Basket, Hyperinflation
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EC140 Full Course Notes
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Econ study notes chapter 21: monitoring jobs and inflation. Will have to settle for lower paying job than before (lost human capital) Population divided into two large groups: working-age population. Total number of people aged 15 years and over. Working age population is divided into two groups: Person must be available for work and in one of three categories: Without work but has made specific efforts to find a job within the previous four weeks. Laid off from a job and waiting to be called back to work. Waiting to start a job within four weeks. Not in labour force: others who are too young to work or live in institutions and are unable to work. Four labour market indicators: unemployment rate, involuntary part-time rate, labour force participation rate, employment-to-population ratio. Percentage of people in the labour market who are unemployed. Unemployment rate = # of people unemployed / labour force x 100.