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Employment chapter formulas and notes, Study notes of Macroeconomics

Sultan Qaboos University (SQU)Macroeconomics

Notes and formulas for unemployment. Definitions and explanation!.

Typology: Study notes

2021/2022

Available from 02/16/2025

elham-alqasmi
elham-alqasmi 🇴🇲

2 documents

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Chapter 7
Population = Labor force + Not in labor force
Labor force = Employed + Unemployed
Nominal interest = Real interest + Rate of inflation
Discouraged workers
They gave up on updating their records
They’re not part of the labor force Unemployment rate
Counted as employed worker
Part-time workers
Part-time under estimates the unemployment rate
Barriers to employment
Minimum wage : result in discouraged workers
Reduce jobs available more unemployment
Labor unions : high standards Expectations
Unemployment insurance : result in higher unemployment rate
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Chapter 7 Population = Labor force + Not in labor force Labor force = Employed + Unemployed Nominal interest = Real interest + Rate of inflation Discouraged workers They gave up on updating their records They’re not part of the labor force Unemployment rate Counted as employed worker Part-time workers Part-time under estimates the unemployment rate Barriers to employment Minimum wage : result in discouraged workers Reduce jobs available more unemployment Labor unions : high standards Expectations Unemployment insurance : result in higher unemployment rate 1 2 3 Elder (^) people housewives Students ⑧ O O ⑧ i. i

Types of unemployment Frictional Look for a job and jobs are available Either looking for a job or want to transfer/move/ change your job Skill matching problems Every country has frictional unemployment and it’s normal healthy Structural Looking for jobs and jobs are available, however, they can’t take the job Reasons: Lack of skills Mismatch between workers and market needs Replaced by machines Jobs are shifted to another geographical area 1 2 Cyclical Increase of unemployment due to the economy shrinking which will result in eliminating jobs Usually doesn’t last long ( short term )