ECON 3D03 Chapter 1,3,5,7,8 : Chapter 1,3,5,7,8
15 Dec 2015
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Document Summary
80% of canadians worked at least one hour every year. 2/3 of individuals hold the labour market as their primary source of earned income. The ratio of men"s earnings to women"s is 1. 74: men are significantly more likely to work. Ratio is 1. 37: ratio of wages is 1. 23 (24. 73/20. 07 dollars) There are three main groups of actors in the labour market: Institutional: dual or segmented labour market approach. Chapter 2: labour supply: individual attachment to the labour market. Labour force participation rate (lfpr) = labour force (lf) / potential population of labour force participants (pop) Strong link between female participation in the work force and higher gdp. Individual attachment to the labour market is measured in two ways: whether the individual is working or searching for work (participation, how many hours worked (hours dimension) Microeconomic model of consumer choice can accommodate both dimensions of the labour supply decision.
