ECN 204 Chapter Notes - Chapter 9: Unemployment, Frictional Unemployment, Durable Good

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Canada"s long-run economic growth has been interrupted by periods of instability. Uneven growth has been the pattern, with inflation often accompanying rapid growth, and declines in employment and output during periods of recession and depression. Alternating increases and decreases in economic activity over time. Peak: business activity reaches a temporary maximum with full employment and near- capacity output. Recession: a recession is a decline in total output, income, employment, and trade lasting six months or more. Trough: is the bottom of the recession period. Expansion: recovery is when output and employment are expanding toward full- employment level. Irregular innovation: may trigger new investment and/or consumption spending. Capital goods (construction, commercial building, heavy equipment) The unemployment rate is the percentage of the labour force that is unemployed (not the percentage of the population. The unemployment rate is calculated by a random survey of 54,000 households nationwide (interviewers use the phone or home visits using laptops)

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