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UNEMPLOYMENT (and previously inflation) Economics Presentation

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by

Brig Worrall

on 4 January 2013

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Transcript of UNEMPLOYMENT (and previously inflation) Economics Presentation

UNEMPLOYMENT (previously inflation) Labour Force Survey Statistics Canada tracks the workforce with a survey that is conducted monthly
This survey is of a random sample of the labour force population, which does not include pensioners and homemakers
These results examine Canada as a whole or as specific groups of people, such as:
male and female
various age groups
religion
etc Labour Force Population: the population, with specific exclusions (Northwest, Nunavut, Yukon Territories, First Nation Reserves, and full-time members of the Armed Forces are not included), from which Statistics Canada takes a random sample for the labour force survey
Labour Force: all the people who either have a job or are actively seeking employment Participation Rate =
(labour force)/(labour force population) x100 Participation Rate: the percentage of the entire labour force population that makes up the labour force Official Unemployment Rate Unemployment Rate =
(unemployment in labour force)/(labour force) x100 But there are many drawbacks to this rate, including.... Underemployment which is: the problem of workers being underutilized, either as a part-time workers or by working at jobs that are not appropriate to their skills and education This rate does not reflect part-time verse full-time work or the appropriateness of the work, meaning that some part-time workers may choose full time work if it were available or some workers may not be fully using their skills and education in their current jobs It can be argued that this rate understates unemployment by ignoring underemployed workers (meaning, unemployment is higher than this rate demonstrates) Discouraged Workers which are: unemployed workers who have given up looking for work The rate doesn't consider people who give up looking for work and as a result are no longer part of the labour force Can be argued that it understates unemployment by ignoring the amount of discouraged workers (meaning unemployment is higher than this rate demonstrates) Dishonesty which we all know is: when a lie (something that is not true) is told People that respond to the survey may not be honest about their situation (are they actively seeking work or not?) Can be argued that it overstates unemployment (meaning that the unemployment is actually lower than the rate demonstrates), but is hard to measure the exact effect Types Of Unemployment Frictional Unemployment which is: unemployment due to being temporarily between jobs or looking for a first job is a permanent feature of the labour market
represents approximately 3% of the labour force at any time E.g.:
a dental assistant who voluntarily left work to look for a position somewhere else
a college graduate who is looking for career-related work Structural Unemployment which is: unemployment due to a mismatch between people and jobs caused by gradual changes in the economy (what/how/where things are produced), which means that people no longer have the skills or education appropriate to fill the available jobs E.g.:
a person who had a manufacturing job may not have the skills to work in the expanding service sector
a fisherman living in a remote village is not able to easily take advantage of employment somewhere else Cyclical Unemployment which is: unemployment due to fluctuations in output and spending changes in output and spending by businesses and the economy, which relate too the rising and falling of unemployment E.g.:
an auto-worker may work overtime in periods of strong consumer demand, but be laid off in slower times Seasonal Unemployment which is: unemployment due to the seasonal nature of some occupations and industries this is particularly significant in Canada due to its climate E.g.:
a farmer will have more work in the summer months than in the winter months Full Employment Structural Change which occurs when there are changes regarding what, how, and where products are produced which is: the highest reasonable expectation of employment for the economy as a whole Unemployment Insurance which is a financial cushion provided by the government that allows job seekers to devote more time and effort to the search for work E.g.:
a person who is laid off can focus on finding another appropriate full-time position, rather than settling for a part-time position to make ends meet Changing Participation Rates caused by many young people entering the workforce, who add to the supply of unskilled labour but also gain skills and work experience E.g.:
a teenager who decides to get a part-time job while still in school Minimum Wages these are set out by the government and have increased over time, which
affected young people to a greater extent
increased the number of people looking for work E.g.:
a teenager is more likely to enter the workforce at a wage of $11/hour than at $9/hour Review Game How to Play:
A question and possible answers will be shown
Each team will have 20seconds to formulate a response and choose the correct letter card
When you hear the beep, show your card
The dollar value of the question will be awarded to all teams with the correct answer
The team with the most money wins and there can only be one winning team!
Prize: Full-size Kit-Kat for each member of the team How to Play:
A question and possible answers will be shown
Each team will have 20seconds to formulate a response and choose the correct letter card
When you hear the beep, show your card
The dollar value of the question will be awarded to all teams with the correct answer
The team with the most money wins and there can only be one winning team!
Prize: Full-size Kit-Kat for each member of the team, plus chocolate coins E.g.:
a person who is laid off can focus on finding another appropriate full-time position, rather than settling for a part-time position to make ends meet is a permanent feature of the labour market
represents approximately 3% of the labour force at any time In 2004, Canada’s labour force was 14.4782 million, and the labour force population 26.8954 million.
What was the participation rate? (14.4782/26.8954) x 100 = 53.8
The participation rate was 54%. Canada’s 2004 labour force of 14.4782 million people was composed of 13.9981 million people who were employed and 1.3993 million who were not.
What was the unemployment rate? (1.3663/14.4782) x 100) = 0.09
The unemployment rate 9%.
Full transcript