[ECON 102] - Final Exam Guide - Comprehensive Notes for the exam (24 pages long!)

• School: University of Waterloo
• Department: Economics
• Course: ECON102
• Professor: Maryann Vaughan

Document Summary

1. 4 million canadians could not find jobs and, 600k has stopped searching and settled for a part- time job. Even in 2009 recession 16. 8 million still had jobs. Loss of income is devastating for those who bear it. Unemployment benefits create a safety net but don"t really replace lost wages, and not everyone receives benefits. Prolonged unemployment permanently damages a person"s job prospects by destroying human capital. Every month stats canada conducts a labor force in which it asks 54k households. Population is divided in two groups: the working age population the number of people aged. 15 years and older who care not in institutional care. People too young to work (under 15) or institutional care. Determined by labor force: sum of employed and unemployed workers. You are counted as unemployed if a person fits the following categories: Without work but has made specific efforts to find a job within the previous four weeks.