ECON 201 Lecture Notes - Lecture 1: Current Population Survey (Us), United States Census Bureau, Unemployment Benefits

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ECON 201 Full Course Notes
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ECON 201 Full Course Notes
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In july 2014, 10 million americans anted a job but couldn"t find one: 8 million more had given up looking for a full time job and taken a part-time job. Lost incomes and production: the loss of income is devastating for those who bear it. Lost human capital: unemployment benefits create a safety net but don"t fully replace lost wages, and not everyone receives benefits, prolonged unemployment permanently damages a person"s job prospects by destroying human capital, people lose skills. Three labor market indicators: the unemployment rate, the labor force participation rate, the employment to population ratio. Unemployment rate: the ratio of the number of people unemployed to the total number of people in the labor force. Labor force participation rate: the ratio of the labor force to the total population 16 years old or older. Employment population ratio: the ratio of the number of people employed to the total population 1 years old or older.

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