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Home > Learning Center > Glossaries > Economic & Finance Terms Glossary
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Economic, Finance & Revenue Canada Explained!
Ultimate Financial and Investment knowledge base that could lead you to understand indepth economic market of Canada. Its a socio-economic financial platform specially arranged for the professionals and as well as students and knowledge seeker. Here you'll find atleast all the financial ins and outs.
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Confused By The Economic, Finance & Revenue Canada Terms and Definitions? Get The Answers Here!
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Unemployment - Unemployment Rate - Unit Labour Cost
Those in the labour force who do not have a job, are available to take work and are actively looking for work are considered unemployed. Those with a job starting in less than a month are not required to actively seek work to be considered as unemployed. Economists recognize three forms of unemployment: frictional unemployment, cyclical unemployment and structural unemployment.
See also employment.
Unemployment Rate
The number of people unemployed as a percentage of the labour force. Because the rate depends on the size of the labour force, even if new jobs are created it is possible for the rate to remain unchanged or even increase if the labour force grows.
See also core unemployment rate; seasonal adjustment.
Unit Labour Cost or Cost Performance
A measure of competitiveness that compares total wages to total output. Unit labour costs show us how much output our economy gets relative to wages. If wages rise but productivity rises faster, unit labour costs fall. Unit labour costs show the combined effect of changes in productivity and wages on the cost of production. Higher relative unit labour costs make it harder to be competitive. To measure the unit labour costs of the Canadian economy, one would divide Canada's total labour income by its real gross domestic product.
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