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MarketsFactor Markets
Econ 102Spring 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) 73326
15 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 CountriesWorld Bank Statistics
Per Capita GDP (2012 at 2005 constant US dollars)
Unemployment rates 1996-2011
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. 2964 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 UnemploymentNatural
Rate of Unemployment
2. Structural Unemployment
3. Cyclical Unemployment