ECON 3620 Lecture Notes - Lecture 6: Labour Force Survey, Underemployment, Reservation Wage
18 Sep 2015
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Survey method objective: divide the civilian, non institutional population, working age into three groups. Lfs (labour force survey: divided into categories. Census: reference week: 2nd week of every month, employed. Those who work for 1 hour or more, or work in family enterprise during the reference week. Have job but excused from the position for issues: unemployed. Several groups not counted: new entrants to labour force, re entrants, unemployment exhausted their ei benefit, unpaid worker on family service and looking for a job. Registration vs. survey approach: registration and survey doesn"t take certain people into account, however survey takes more people into account. The unemployment rate as a macroeconomic indicator: good: If ur(unemployment rate) and gdp have a linear correlation. Okun"s law: the ratio of unemployment to rise to gdp, poor: Labour hoarding: cut back the production to keep the labour if demand goes up.
