Economics 1022A/B Chapter Notes - Chapter 21: Labour Force Survey, Unemployment, Business Cycle

• School: Western University
• Department: Economics
• Course: Economics 1022A/B
• Professor: Emilie Mc Hugh Rivers

Document Summary

It results in lost incomes and production, and lost human capital. The loss of a job brings a loss of income and lost production: lost production -> lower consumption -> lower investment in capital -> lower standard of living in present and future. Prolonged unemployment permanently damages a person"s job prospects by destroying human capital. Can conducts survey asking 54000 households series of questions about age and job market status. Population is divided into 2 groups: working age population and those too young to work. Working-age population: total number of people aged 15 years and older. Divided into 2 groups: those in labour force and those not in the labour fore. Labour force: the sum of the employed and unemployed: employed are either full time or part time workers. Part time workers either want part time work (voluntary) or want full time work (involuntary) To be counted as employed, person must either have full time job or part time job.