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Chapter 21

ECON102 Chapter Notes - Chapter 21: Labour Force Survey, Frictional Unemployment, Unemployment Benefits


Department
Economics
Course Code
ECON102
Professor
Maryann Vaughan
Chapter
21

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Textbook: Chapter 21: Monitoring Jobs & Ination
Why Unemployment is a Problem?

o



o


Labour Force Survey:
 !"#$%%%

&'(
o&working-age population)*+#
o",+#-
&".'(
o
o
o/(Labour Force )"
&,+0-
o1234
o3"2$"
o$"
Four Labour Market Indicators:
&
&
The Unemployment Rate:
Unemployment rate )
o
¿of people unemployed
labour force
4+%%
&"

The Labour Force Participation Rate:
Labour force participation rate )".

o
labour force
workingage population x100
Other De.nitions of Unemployment:
&5

 
o674
8(
Discouraged searcher )"
""
""
"
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.
Long-term future starts )$
"
9.
.".

o: 
;.

!'+<$,-short-term unemployment
'#.
$=>

'#.
>

Unemployment and Full Employment:
0(
o!
Frictional unemployment )
"
&creation and destruction of jobs ?
"
9*ppl entering and reentering 
and increases in unemployment bene.ts raise 
 ,
-
o
Structural unemployment )
change the skills
or the locations of jobs
<<5
o 
Cyclical unemployment )
business
cycle"
<<"2
4
4
Natural Unemployment:
Natural unemployment ).ctions and structural
changeno cyclical unemployment
o&natural unemployment rate =
Frictional+Structural Unemploymenet
Labour Force
Full employment )?

&natural unemployment >
o&
o&
o&
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