ECON 1010 Chapter Notes - Chapter 9: Efficiency Wage, Wags, Forb
27 Feb 2014
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Counties that save and invest high fraction of their income enjoy more rapid growth in capital stock and gdp. Natural rate of unemployment: refers to amount of unemployment that the economy normally experiences. Cyclical unemployment: refers to year-to-year fluctuations in unemployment around its natural rate: associated with short-run ups and downs of economic activity. 50,000 households surveyed to produced data on unemployment and other aspects of labour market; Labour force: number of employed + number of unemployed; total numbers of workers. Unemployment rate: (number unemployed/labour force) x 100. Man-cession: during recession of 2009, labour market affected employment prospects of men more than those for women. Fall in oil and natural gas prices harmed economies in western canada but benefited areas in rest of the country. Due to advent of new technology, it takes less time to do household tasks. This is attributable to improved birth control and changing women"s role due to evolving political and social attitudes.
