ECO 1102 Study Guide - Unemployment Benefits, Efficiency Wage, Company Town
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25 Mar 2014
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ECO 1102 Full Course Notes
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Not in labour force: neither of the above (i. e retiree) Labour force = number of employed + number of unemployed. 2009 the average nation wide spell of unemployment lasted 15. 6 weeks, however the length of these spells varies amongst provinces: most unemployment spells are quite short and policies should be directed at correcting long term unemployment. Leads to job search as a result of sectoral shifts since the economy is constantly changing. The level of frictional unemployment can be reduced with the introduction of government training programs and employment agencies, as well as offering employment insurance to those who qualify ( based on hours worked and local unemployed). Ei can also create structural unemployment by discouraging job search and affecting when layoffs occur and when people quit their jobs: structural unemployment results from a lacking number of jobs in a certain sector or market. Minimum wage laws create labour surplus and thus resulting in structural unemployment.
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