Economics 1022A/B Lecture Notes - Lecture 1: Potential Output, Business Cycle, Production Function
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29 Nov 2017
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Potential gdp: gdp when all the factors of production are fully employed (no shortages or surpluses) Working age population = population 15 years and over. Labour force = everyone employed either part time or full time, as well as the unemployed. To be unemployed you must be looking for work or laid of from work and looking for it. If you"re neither employed nor unemployed, you"re not in the labour force. Unemployment rate - the percentage of people in the labour force who are unemployed. = number of people unemployed labour market population x 100% Labour force participation rate - tells us the percentage of people in working age population who are in the labour force. Employment-to-population-ratio: the percentage of people in the working age population who are unemployed. = the number employed number in working age population x 100% Employment-to-population-ratio does not equal (100 unemployment rate) Average working hours of a canadian worker = actual hours worked.
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