Textbook Notes (367,754)
Canada (161,370)
Economics (923)
ECN 204 (281)
Chapter 9

Chapter 9

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ECN 204
Christos Shiamptanis

ECN 204 Chapter 9Unemployment and Its Natural RateNatural Rate of Employment The amount of unemployment that the economy normally experiencesCyclical Unemployment Refers to the yeartoyear fluctuations in unemployment around its natural rateIDENTIFYING UNEMPLOYMENTHow is unemployment measuredJob of statscan place everyone in a categoryEmployed Worked a paid job with the past weekUnemployed Temporary layoff or looking for a jobNot in labour force Fulltime student retiree homemakerLabour Force the total number of workers including both the employed and the unemployedLabour Forceof employed of unemployedUnemployment rate The percentage of the labour force that is unemployedUnemployment RateNumber of unemployedLabour Force x 100Labourforce participation the percentage of the adult population that is in the labour forceLabourforce participation rateLabour forceAdult population x100Does the unemployment rate measure what we want it tooDiscouraged Searchers Individuals who would like to work but have given up looking for a jobSome people who are unemployed may just be waiting to be called back to work or are making money under the tableHow long are the unemployed without workAverage values hide the fact that there may be
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