Both Human Resources and economics involve the study of how the labor market operates.

(a) Describe, in words, the purpose of a minimum wage and how it affects a given labor market. Please explain each point.....(4 marks)

(b) Consider a given country with a working age population of 30 million with 8 million people not in the labor force. 20.5 million people are employed.

(i) Give two examples of categories of people who are not in the Labor Force (2 marks)

(ii) Calculate the size of the Labor Force (2 marks)

(iii) Calculate the Unemployment Rate for this country (2 marks)

(iv) Calculate the Labor Force Participation Rate for this country (2 marks)

(c) What is Statistics Canada's definition of "Unemployment?"(2 marks)