Textbook Notes (362,928)
Canada (158,105)
Economics (923)
ECN 204 (281)
Chapter 9

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Ryerson University
ECN 204
Christos Shiamptanis

Chapter 9Unemployment and Its Natural RateNature Rate of unemployment refers to the amount of unemployment that the economy naturally experiences Cyclical unemployment refers to the yeartoyear fluctuations in unemployment around its natural rateIdentifying Unemployment How Is Unemployment MeasuredEach surveyed household into one of three categories o Employed unemployed not in the labour forceA person is considered employed if he or she some of the previous week working at a paid jobA person is unemployed if he or she is on temporary layoff or is looking for a jobA person who neither of the first two categories sucj as a fulltime student homemaker or retireeLabour Force the total of workers including both the employed and the employed o Labour Force Number of employedNumber of unemployedUnemployment Rate the percentage of the labour force that is unemployed o Unemployment rateNumber of unemployedLabour Force x 100Labour Force participation rateLabour ForceAdult population x 100Does the Unemployment Rate Measure What We Want It toThe measurement of unemployment in the economy might seem straightforward but it is really not o It is harder to distinguish between a person who is emplo
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