Labour

1.Calculating Unemployment

Key Terms

-Working Age Population:

-Labour Force

-Labour Force Participation Rate:

-Unemployment Rate:

What it means to be in the labour force:

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-

-

-

-

-

Differences in labour force definition makes Canadian unemployment

Not included in the unemployment rate:

-

- _________________________________________________________

Accuracy of the unemployment rate:

-

-

-

-

2.Types of Unemployment

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3.Natural rate of unemployment

No

Unemployment rate is

Lowest rate without causing

4.Consequences of Unemployment

- _____________________________________________________________

-

-

-

- _____________________________________________________________

GDP Gap

-GDP Gap =

-Recessionary gap =

-Expansionary/Inflationary gap =

-Okun's Law =

-% of potential GDP lost due to unemployment =

-Example calculation:

reference:

https://www.youtube.com/watch?v=MxqbKO-DTo4

https://www.youtube.com/watch?v=I4-168JVbCg

https://www.youtube.com/watch?v=MqViz16TsAU

https://www.youtube.com/watch?v=mEA8rc9n0zY&t=1086s