ECO 1102 Chapter Notes - Chapter 9-12: Unemployment, Autarky, Openmarket

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Najib Khan

Document Summary

Topics: unemployment and its natural rate, the monetary system, money growth and. Unemployment can be divided into two categories: the long-run problem and the short-run problem. The natural rate of unemployment refers to the amount of unemployment an economy normally experiences (long-term). The cyclical unemployment refers to the year-to-year fluctuations in unemployment around the natural rate (short-term). Statistics canada every month collects data such as unemployment, employment, length of workweek and etc. to conduct a measurement. In canada individuals enter the work force at the age of 15, full-time students are not included and temporary layoffs take the category of unemployed. Based off figure 9. 1 the total number of labour force participants was around 18. 7m, employed were 17. 31m and unemployed were 1. 4m. In order to find the number of workers in the labour force we must find the sum of the number of employed and unemployed within the economy.