ECON102 Chapter Notes - Chapter 21: Labour Force Survey, Human Capital, Potential Output

• School: University of Waterloo
• Department: Economics
• Course: ECON102
• Professor: Maryann Vaughan

Document Summary

Aboriginal settlements: full time members of the armed forces. Four labour market indicators: the unemployment rates. Involuntary part-time rate (omit: the labour force participation rate, the employment-to-population ratio (omit) The unemployment rate: percentage of the labour force that is unemployed; the unemployment rate is (# of people unemployed + labour force) x 100. The labour force participation rate: percentage of (p. 17-19) Structural unemployment: unemployment created by changes in tech/foreign competition that change the skills needed to perform jobs or the locations of jobs; lasts longer than frictional unemployment. The consumer price index (cpi): measures average of prices paid by urban consumers for a. Fixed basket of consumer goods and services: reading cpi #: defined to equal 100 for the reference base period (base period in. 2002); average cpi of 12 months of 2002 = 100; in june 2014, cpi was 125. 6: constructing cpi: 3 stages, selecting cpi basket: based on a consumer expenditure survey conducted by.