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ECON 2020U (13)
Chapter 9

Principles of Macro [Mankiw, Kneebone, McKenzie] - Chapter 9 Notes

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ECON 2020U
Peter Cheung

ECON2020Chapter 9 Notes UNEMPLOYMENT AND ITS NATURAL RATENatural rate of unemploymentthe amount of unemployment that the economy normally experiences Cyclical unemploymentrefers to the yeartoyear fluctuations in unemployment around its natural rate Closely related to the shortterm ups and downs of economic growth Identifying Unemployment HOW UNEMPLOYMENT IS MEASURED In Canada households are to complete a Labour Force Survey indicating Employment status average length of work week and duration of unemployment if so Stats Canada places adults 15 in one of three categories 1 Employed 2 Unemployed 3 Not in the Labour force Labour forcethe total number of workers including both the employed and the unemployed Unemployment ratethe percentage of the labour force that is unemployed Labourforce participation ratethe percentage of the adult population that is in the labour forceDOES THE UNEMPLOYMENT RATE MEASURE WHAT WE WANT IT TO People move into and out of the labour force quite often so it is very
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