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Workers and Economic C hange

Workers and Economic C hange. Chapter 8. Labour force . E mployed and unemployed workers over the age of 15. Excludes Aboriginal people on reserves Members of the armed forces Psychiatric patients Those in jail Full time students Retired people People not looking for work. .

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Workers and Economic C hange

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  1. Workers and Economic Change Chapter 8

  2. Labour force • Employed and unemployed workers over the age of 15. • Excludes • Aboriginal people on reserves • Members of the armed forces • Psychiatric patients • Those in jail • Full time students • Retired people • People not looking for work.

  3. Rates Unemployment Rate Measures the membership of the labour force as a percentage of the total population. Labour Force X 100 Total Population The percentage of the labour force that is unemployed. UnemployedX 100 Labour Force Participation Rate

  4. Participation Rate In 2006, the total population was 953.3. Of that, 660.2 people were a part of the labour force. What was the participation rate for 2006? Solution: 660.2 X100 953.3 =69.25

  5. Unemployment Rate In 2006, Manitoba’s labour force was 660.2 people. The number of people that were employed were 35.7. What was the unemployment rate for 2006? Solution: 35.7 x 100% 660.2 =5.4

  6. What does it mean? • High Unemployment Rate Longer Job Search • Low Unemployment Rate Shorter Job Search • Handout

  7. Types of Unemployment • Involuntary unemployment • Voluntary unemployment (discouraged workers)

  8. Involuntary Unemployment Video • Frictional • Seasonal • Structural • Cyclical • Involuntary part-time workers

  9. Factors that influence unemployment • Personal • Shifts in Industry/Technological Change • Government Policy/Programs • Seasonal Requirements • Labour Unions • Changes in the National/International Economy

  10. Underemployment • Over-qualification • Involuntary part-time work-workers • Overstaffing (hidden unemployment)

  11. All done theory!

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