Textbook Notes (368,795)
Canada (162,165)
Economics (818)
ECON 2410 (18)
Chapter 6

Chapter 6- The Labour Market.pdf

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ECON 2410
Laurent Cellarier

Chapter 6- The Labor Market Definitions/Equations Non‐Institutional Population‐ the number of people potentially available for civilian employment Labor Force‐ the sum of those employed and unemployed Participation Rate‐ the ratio of the labor force to the noninstitutional civilian population Unemployment Rate‐ the ratio of the number of unemployed to the labor force Separations‐ workers who are leaving or losing their jobs Hires‐ workers newly employed by firms Quits‐ workers leaving their jobs for what they perceive as better alternatives Layoffs‐ workers who lose their jobs either temporarily or permanently Discouraged Workers‐ a person who has given up looking for employment Collective Bargaining‐ wage bargaining between unions and firms Reservation Wage‐ the age that would make them indifferent between working or being unemployed Efficiency Wage‐ the wage at which a worker is performing a job most efficiently or productively Aggregate National Wage‐ see the equation below ▯ ▯▯▯ ▯ ▯,▯▯ ▯,▯ - The aggregate national wage ▯ depends on three factors:
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