ECON 1BB3 Chapter Notes - Chapter 7: Deflation, Disinflation, Hyperinflation

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

Losing a job not only causes financial loss, but also inflicts psychological trauma: loss of identity/loss of social connection except those in mental facilities, prison, or old age home. Unemployment causes fewer goods and services to be produced. Canadian noninstitutionalized adult population all civilians 15 and older, Civilian someone who is not in the military. Adult population civilian noninstitutionalized adult population. Labour force adults who are working or looking for a job. People who are not working can be: retired, caring for children, students, unable to work (illness/disability, discourage worker. Dropped out of labour force, not counted as unemployed picture) full-time. Part-time workers are counted for as employed even if they are looking for: causes an understatement of unemployment (doesn"t give the big. Labour force participation rate (labour force/adult population) x 100% working less hours than they"d like) Although unemployment might not be that high, people may be underemployed (working at a job they are overqualified for or.