Studied by 0 people
Unemployment Rate
The percentage of the labor force that is unemployed.
Frictional Unemployment
Unemployment that arises from normal labor turnover, including people entering and leaving the labor force.
Structural Unemployment
Unemployment that arises due to changes in technology or international competition that alters the skills needed for jobs.
Cyclical Unemployment
Unemployment that follows the economic cycle, increasing during recessions and decreasing during economic expansions.
Labour Force Survey (LFS)
A monthly survey conducted by Statistics Canada to assess the employment status of households.
Working-age Population
The total number of individuals aged 15 years and over, eligible for work.
Natural Rate of Unemployment
The combination of frictional and structural unemployment, which typically hovers around 6% in Canada.
Participation Rate
The proportion of the working-age population that is either employed or actively seeking employment.
Employed
Individuals who are currently working full-time or part-time.
Unemployed
Individuals who do not have a job, are able and willing to work, and have made efforts to find work.
Labour Force
The sum of all employed and unemployed individuals.
Real Wage
The nominal wage adjusted for inflation; reflects the purchasing power of wages.
Youth Unemployment Rate
The unemployment rate for individuals aged 15 to 24, which is typically higher than the overall unemployment rate.
Economic Conditions
Factors that influence the state of the economy and can shift the demand for labor.
Long-Run Unemployment Causes
Factors that lead to frictional and structural unemployment, including skill mismatches and changes in job sectors.
Note 
Flashcard (126)