ECON 1BB3 Lecture Notes - Lecture 9: Labour Force Survey, Frictional Unemployment, Unemployment Benefits
12 Oct 2016
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ECON 1BB3 Full Course Notes
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Like saving, employment is a significant determinant of productivity and thus standard of living and economic prosperity o more people employed higher productivity in country higher standard of living. Some level of unemployment is inevitable in every economy, but levels fluctuate over time. Fluctuations of unemployment are related to up and downs of economic activity. 1: unemployment rate- the percentage of the labour force that is unemployed, unemployment rate computed for entire adult population and for more narrowly defined groups- young, old, men, women, etc. Since 1950s, number of women in labour force has increased considerably, while number of men in labour force has decreased a little comparison of unemployment in different regions of canada: May be waiting to be recalled from work after temporary layoff. May call themselves unemployed to qualify for employment insurance o people who report being out of the labour force may in fact want to work.
