ECON 2020U Chapter 9: Principles of Macro [Mankiw, Kneebone, McKenzie] - Chapter 9 Notes

• School: UOIT
• Department: Economics
• Course: ECON 2020U
• Professor: Peter Cheung

Document Summary

Natural rate of unemployment > the amount of unemployment that the eco nomy normally experiences. Cyclical unemployment > refers to the year-to-year fluctuations in une mployment around its natural rate. Closely related to the short-term ups and downs of economic gr owth. In canada, households are to complete a labour force survey indicating. Employment status, average length of work week, and duration o f unemployment (if so) Stats canada places adults (15+) in one of three categories: Labour force > the total number of workers, including both the employe d and the unemployed. Unemployment rate > the percentage of the labour force that is unemplo yed. Labour-force participation rate > the percentage of the adult populati on that is in the labour force. People move into and out of the labour force quite often, so it is ver y hard to interpret accurately what the actual unemployment rate is.