ECO105Y1 Chapter 7: Unemployment and Inflation
Document Summary
Out of work is not enough (statistics canada) three categories of people in working-age population. Employed working either full-time or part-time. Unemployed not employed and actively seeking work (in the labour force; temporally layoff / about to start a new job) Not in the labour force (e. g. full-time student, homemaker, retiree, in the army) Labour force the sum of the employed and unemployed. The labour force participation rate the percentage of the working-age population who are in the labour force (employed or unemployed) Involuntary part-time workers - workers who are employed part-time would rather have a full-time job, but can"t find one. Recession: hold on to experienced workers but cut back hours involuntary part-time unemployment . Expansion: businesses restore full-time work involuntary par-time unemployment (cid:883) Unemployed rate the percentage of the people in the labour force who are unemployed without work and actively seeking a job (cid:1853)(cid:1854)(cid:1867)(cid:1873)(cid:1870) (cid:1832)(cid:1867)(cid:1870)(cid:1855)(cid:1857) =(cid:1831)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856) +(cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856) (cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856) (cid:1853)(cid:1872)(cid:1857) = (cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856) (cid:1853)(cid:1854)(cid:1867)(cid:1873)(cid:1870) (cid:1832)(cid:1867)(cid:1870)(cid:1855)(cid:1857) (cid:883)(cid:882)(cid:882)
