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ECON-1007EL Study Guide - Midterm Guide: Opportunity Cost, Nominal Interest Rate, Parental Leave


Department
Economics / Science Èconomique
Course Code
ECON-1007EL
Professor
Daviau Charles
Study Guide
Midterm

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Macroeconomics Test 2 Review
Employment The number of people currently employed in
the economy, either full time or part time.
Unemployment The number of people who are actively
looking for work but aren’t currently
employed.
Labor Force Equal to the sum of employment and
unemployment.
Labor Force Participation Rate The percentage of the population aged 15
and older that is in the labor force.
Unemployment Rate The percentage of the total number of
people in the labor force who are
unemployed. (# of unemployed
workers/labor force x 100%)
Discouraged Workers Non-working people who are capable of
working but have given up looking for a job
because of the state of the job market.
Marginally Attached Workers Would like to be employed and have looked
for a job in the recent past but are not
currently looking for work.
Underemployment The number of people who work part time
because they can’t find full-time jobs.
NEET Neither Enrolled in school, nor Employed, nor
in Training
NEET Rate Measure the percentage of youth who are at
risk of becoming discouraged and
disengaged, perhaps leading to reduced
educational attainment, lack of satisfactory
employment opportunities, and other related
social problems as a consequence.
Job Search Workers who spend time looking for
employment are engaged in job search.
Frictional Unemployment Unemployment due to the time workers
spend in job search.
Structural Unemployment Unemployment that results when workers
are unable to fill available jobs due to
mismatch in skills or locations, or unable to
get a job at the prevailing wage.
Minimum Wage A government-mandated floor on the price
of labor. Each province and territory sets its
own minimum wage.
Unions By bargaining for all of a firm’s workers
collectively (collective bargaining), unions can
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