ECON 1BB3 Chapter Notes - Chapter 9: Market Power, Labour Force Survey, Root Mean Square

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

Chapter 9 unemployment and its natural rate: a country that saves and invests a high fraction of its income enjoys more rapid growth in its capital stock and its gdp. Natural rate of unemployment: the amount of unemployment that the economy normally experiences. Cyclical unemployment: the year-to-year uctuations in unemployment around its natural rate and is closely associated with the short-run ups and downs of economic activity. Stats can places each adult (15 and older) into one of three categories. Spends some of the previous week working at a paid job: unemployed. Is temporarily laid-off or looking for a job: not in the labour force. Full-time student, homemaker, or retiree: once stats can has placed all individuals in a category, various statistics summarize the state of the labour market. Labour force: the total number of workers, including both the employed and the unemployed. Labour force = number of employed + number of unemployed.