ECON 3240 Lecture 1: Lecture 1
Document Summary
Labour market = consumers are the labour, companies purchase that labour. Study of markets for labour services & interaction between participants which determines price & quantity of labour services exchanged. Example: apple buyer = consumers, sellers = apple/merchandisers. Certain outcomes interests labour economists: labour force status, wages, hours worked. Population of canada = potential labour force participants (27. 84 million) Labour force = working or actively seeking work (18. 66 million: employed = working (17. 21 million, unemployed = not working but searching for work (have to actively be seeking for a job) (1. 45 million) Not in labour force = students, retired, household workers, discouraged workers (you"ve been actively seeking but you got nothing just stopped looking) (9. 18 million) Labour force participation decision to participate in paid labour market activities vs. other activities (e. g. home production, schooling, retirement) Labour force participation rate = (cid:3039)(cid:3028)(cid:3029)(cid:3042)(cid:3048) (cid:3033)(cid:3042)(cid:3030)(cid:3032) (cid:3043)(cid:3042)(cid:3043)(cid:3048)(cid:3039)(cid:3028)(cid:3047)(cid:3042)(cid:3041) Decisions that affect this decision: education, children, daycare, physical ability, elder care.
