ECON 1100 Chapter Notes - Chapter 5: Labour Force Survey, Frictional Unemployment, Business Cycle

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Econ 1100 chapter 5 notes unemployment and inlaion. 5. 1 measuring the unemployment rate and the labour force paricipaion rate. Unemployment rate: the percentage of the labour force that is unemployed. Working age populaion: people 15 years of age and older who are legally enitled to work in. The labour force survey includes three main groups: employed, unemployed, and not in the labour force. Labour force: the sum of employed and unemployed workers in the economy. Unemployment rate: # of unemployed/labour force x100. Employment-populaion raio: # of employed/working age pop x100. Discouraged workers: people who are available for work but have not looked for a job during the previous four weeks because they believe no jobs are available for them aka pussies. The unemployment rate understates problems in the labour market. The labour force paricipaion paterns include the rise of women and men decreasing their labour force paricipaion. Thousands of jobs are lost and gained in canada every year.

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