Business Administration - Accounting & Financial Planning ECN502 Lecture Notes - Lecture 6: Potential Output, Output Gap, Keynesian Economics
1 Jun 2018
School
Professor
Measuring Unemployment
• The survey excludes members of the armed forces,
inmates, and First Nations people on reserves.
• Underemployment: a situation in which workers are
overqualified for their jobs or work fewer hours than they
would like to.
• Discouraged workers: workers who have given up looking
for work.
The Incidence of Unemployment
• varies according to certain demographic variables.
Costs of Unemployment
• Economic costs
– Loss of income
– Loss of output
• Non-economic costs
– Violence, theft, and other anti-social behaviour
– Loss of education and health
Costs of Unemployment
• The economic costs of unemployment can be measured
as lost income or output
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