Markets Factor Markets Econ 102 Spring 2014. Markets Goods and Services Markets- Factors and Production Markets – – Capital, Labor Financial Markets-

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Markets Factor Markets Econ 102 Spring 2014

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

Turkish Labor Market 2012 (in thousands)

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%)

Turkish Labor Market December 2012 (in thousands) or (in %) Kurumsal olmayan nüfus (non-institutional pop) ve yukarı yaştaki nüfus (population above 15 yrs)54438 İşgücü (Labor Force)26431 İstihdam (Employment)23817 İşsiz (Unemployment)2615 İşgücüne katılma oranı (%) ( labor force participation rate) 48.6 % İstihdam oranı (%) (employment rate)43.8 % İşsizlik oranı (%) (unemployment rate)9.9 % İşgücüne dahil olmayanlar (not in the labor force)28007

Labor Force Participation Rate in Countries World Bank Statistics

Per Capita GDP (2012 at 2005 constant US dollars)

U%

Unemployment rates

Definition of Unemployment US: Current Population Survey, Current Employment Statistics, Office of Workforce Security. 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 Looked for a job in the last 3 months, Can be employed within 15 days.

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 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.

Unemployment types 1.Frictional Unemployment Natural Rate of Unemployment 2.Structural Unemployment 3.Cyclical Unemployment