Economics 100B - 16 (3-8-07)

Economics 100B - 16 (3-8-07) - Economics 100B Professor...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 100B Professor Steven Wood 3/08/07 Lecture 16 ASUC Lecture Notes Online (formerly Black Lightning) is the only authorized note-taking service at UC Berkeley. Please do not share, copy or illegally distribute these notes. Our non-profit, student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. Sharing or copying these notes is illegal and could end note taking for this course LECTURE Today we are going to focus on the labor markets in the short-run. Specifically we will be examining the levels of unemployment and employment in our various equilibriums. Employment: the number of people age 16 and older who are working for pay: if you are working but 14 years old, you are not counted in our employment number. The age cutoff changes in different countries but for most western countries, this is the definition. Remember, this is only work for pay. If you do volunteer work, you are not counted in this statistic either. We measure this through two different surveys. The Payroll Survey asks 400,000 businesses how many people they employed. The other is called the Household Survey where 60,000 households are asked how many people in the home are working for pay. The payroll survey is generally considered the better data pool due to its substantial sample size. Unemployment: the number of people aged 16 and over who are not working but are willing and able to work and are actively seeking employment. Represented by UN. College students, retirees, stay-at-home spouses and others who are not looking for work are not counted in the unemployed number. The unemployment measure is measured via the household survey. The unemployment number gives us an idea of how much labor resource is available for use in the economy. Over the last 35 years, unemployment has not changed very much on average. It generally rises in recessions and declines otherwise. Household Survey. Other questions that the survey seeks to answer are: how big is the population? And what is the composition of the adult population? We try to find out how many people are not in the labor force (who are not in an institution like a prison or hospital) and this gives us our Civilian Labor Force or CLF. The labor force as of January 2007 stood at
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

Economics 100B - 16 (3-8-07) - Economics 100B Professor...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online