ECO 304L Chapter 15: Chapter 15 Notes

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Course Code
ECO 304L
M O S T A S H A R I, S H A L A H

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Chapter 15: Unemployment ● Employed ○ Paid employees ○ Worked in their own business ○ Unpaid workers in a family business ○ Full and part-time workers ○ Those not working but had jobs from which they were temporarily absent (vacation, illness, bad weather, etc.) ● Unemployed ○ Not employed but tried finding employment during the previous four weeks ○ Those waiting to be recalled to a job from which they had been laid off ● Not in the work force ○ Full-time students ○ Homemakers ○ Retirees ● Labor Force: The total number of workers, including both the employed and the unemployed ● Labor Force = Number of Employed + Number of Unemployed ● Unemployment Rate: The percentage of the labor force that is unemployed ● Unemployment Rate = (Number of Unemployed / Labor Force) * 100 ● Labor-Force Participation Rate: The percentage of the adult population that is in the labor forces ● Labor-Force Participation Rate = (Labor Force / Adult Population) * 100 ● Natural Rate of Unemployment: The normal rate of unemployment around which the unemployment rate fluctuates ● Cyclical Unemployment: The deviation of unemployment from its natural rate ● Peaks: Local high points in business cycle ● Troughs: Local low points in business cycle ● Recession: Real GDP is going down ● Expansion: Real GDP i
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