MGEA06H3 Lecture Notes - Lecture 4: National Research Universal Reactor, Frictional Unemployment, Deflation

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA06H3
• Professor: Iris Au

Document Summary

Statistics canada carries out a monthly survey called the labour force. Survey by interviewing a random sample of 56000 households across. Once we classify our adult populations in these 3 groups, we can calculate the followings: Labour force (lf) = # of employed + # of unemployed. The labour-force participation rate (lfpr) = the percentage of adult population that is in the labour force: Unemployment rate (ur) = the percentage of the labour force that is unemployed: Employment rate (er) = the percentage of adult population that is employed: *** note: employment rate is not equal to 1 the unemployment rate. 100% populationadult forcelabour rateion participat force-labour 100% forcelabour unemployed of # ratent unemployme 100% populationadult employed of # rate employment example: according to the labour force survey, in the month of march 2014, we observed the followings: Find the labour force participation rate (lfpr), the unemployment rate (ur), and the employment rate (er) in march 2014.