[ECON 1010] - Midterm Exam Guide - Ultimate 41 pages long Study Guide!
7 Feb 2017
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Lost production: labour is one factor of production, if not engaged in labour not producing and increasing gdp, we have lost production. Lost human capital: different grades of labour, if they don"t use it and stay unemployed, they lose the skill, end up with lost human capital. Human misery: causes human misery, if they are unemployed, don"t have enough money. Social impact: they might start doing things that can have a negative social impact, if people stay unemployed for too long, resulted in riots and revolutions if long term unemployment. Tax implications: when people are not working government doesn"t have the revenue from tax, so other things in society suffer, such as xing roads, etc. Labour force survey (lfs): every month stats canada conducts lfs, of 54 000 households, the population is divided into two groups: The working age population : the number of people aged 15 years and older who are not in institutional care.
