ECON 1020H Lecture 4: Class 4, Week 4
14 Feb 2017
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Document Summary
The interaction of buyers and sellers in the labor marker. 4 major topics: supply of labor (how do you get someone to work more, demand for labor (what a company is looking for, wage determinations. Labor services are inseparable from people: rent labor not own it (company rents workers, question of power (who has power over who) Employment relationships last longer than any other market exchange. Non-pecuniary factors factors that accompany a working contract that do not bear exact wage recompense. International regulations and national sovereignty: b(cid:455) (cid:449)ho(cid:859)s sta(cid:374)dards, child labor, mnc(cid:859)s a(cid:374)d (cid:374)o ho(cid:373)e (cid:272)ou(cid:374)tr(cid:455) International movement of labor & the brain drain. Labor force participant rate: lfpr = (employed + unemployed) / non institutionalized, adult (15 and older), civilian, population of the provinces. Unemployment rate: ur = (number of employed people / labor force) * 100, unemployed means that you are actively looking. Natural rate of unemployment: the unemployment rate at full employment (target rate)
