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Markets Factor Markets

Markets Factor Markets. Econ 102 Fall 2014. Markets. Goods and Services Markets- Factors and Production Markets – Capital, Labor Financial Markets- Financial Assets. Labor Market 2011. Turkish Labor Market 2012 (in thousands). Labor Force Participation and Unemployment rate.

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Markets Factor Markets

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  1. MarketsFactor Markets Econ 102 Fall 2014

  2. Markets • Goods and Services Markets- • Factors and Production Markets – • Capital, Labor • Financial Markets- • Financial Assets.

  3. Labor Market 2011

  4. Turkish Labor Market 2012 (in thousands)

  5. Labor Force Participation and Unemployment rate • Labor Force Participation Rate: (Labor Force/Working Age Population)x100= 48.6 % • Unemployment Rate: (Unemployed/Labor Force)x100= 9.9% (Non –agricultural U% = 12.1 %) (Youth U% = 17.4%)

  6. Turkish Labor Market

  7. Labor Force Participation Rate in CountriesWorld Bank Statistics

  8. Per Capita GDP (2012 at 2005 constant US dollars)

  9. U%

  10. US Unemployment rate

  11. US Unemployment rate and Participation Rate

  12. Unemployment rates 1996-2011

  13. Definition of Unemployment • US: Current Population Survey, Current Employment Statistics, Office of Workforce Security. (active) • Unemployed for 15 weeks or more. • Lost their job or completed a part-time job. • Unemployed and actively looked for a job in the last 4 weeks. • TURKEY: TUIK (passive) • Looked for a job in the last 3 months, • Can be employed within 15 days.

  14. Turkish Employment and Unemployment Data • The information is collected from Household LaborForce Survey. • 13 000 households, or 30 000 consumer of age 15+ • “Are you connected to any workplace or did you work for an hour in the last week?” (Worked more than 16 hours + 3.4 % to employment)

  15. Not In the Labor Force • The part of population capable of working but not in the labor force. • Capable of working but not looking for a job. • Has no hope finding a job_discouraged workers • Not looking for a job for other reasons. (seasonal worker, retired or has other income, has for other reasons not looking for a job) • Not capable of working. • (students, housewifes, disability, family or personal reasons)

  16. Unemployment Benefits • US: lost his/her job involuntarily, up to 26 week, based on amount of earnings and the number of quarters worked, (average is $293 weekly) • Germany: 12 months contribution prior to loosing his job, 60 % of his salary, for 12 months, longer if older than 55 (max. 2964 euro). • Turkey: has to apply within 30 days of loosing job, should have been working 120 days when become unemployed, should have worked a min of 600 days prior with security payments, 40% of the salary but less than 80 % of the min.wage.

  17. Unemployment types • Frictional Unemployment Natural Rate of Unemployment • Structural Unemployment • Cyclical Unemployment

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