Computer Science 1032A/B Chapter Notes - Chapter 21: Output Gap

• School: Western University
• Department: Computer Science
• Course: Computer Science 1032A/B
• Professor: Louis Magguilli

Document Summary

Working age population - 15 years and older, not in institutions = 28. 6732 million in 2013. 2 categories in this population- labor force, not labor force. Labor force= 19. 0744 therefore, employed + the unemplyed= labor force, labor force + not in labor force= working age pop. ex. Who is unemployed: without work but making a speci c effort to nd work, waiting to be called back, waiting to start a new job within 4 weeks. Unemployment rate the percentage of people in the labor force that are in the labor force that are unemployed. Ur trends upward in a recession (negative) downwards is an expansion (increases) Labor force participation rate- the percentage of people in the working age population who are in the labor force. Employment to population ratio- percentage of people in the working age population who are employed. = 17. 7312 million/ 28. 6732 million * 100 = 61. 8% Frictional (normal) ex. university students graduating, and nding a job.