Macro: Module 12

to be considered unemployed, a person must....

1. not be working 2. be actively seeking a job 3. be availiable for work

using the following information: Pop age 16 and older: 200,000 labor force: 100,000 # of people working part time: 20,000 # of people working full time: 70,000 what is the unemployment rate

10,000/100,000=10%

using the following information: Pop age 16 and older: 200,000 labor force: 100,000 # of people working part time: 20,000 # of people working full time: 70,000 what is the labor force participation rate?

100,000/200,000= 50%

Labor Force

is equal to the sum of the employed and the unemployed

Labor force participation rate

is the percentage of the population aged 16 or older that is in the labor force

unemployment rate

is the percentage of the total number of people in the labor force who are unemployed

marginally attached workers

would like to be employed and have looked for a job in the recent past, but are not currently looking for work

underemployed

are people who work part-time because they cannot find full-time jobs

using the following information: Pop age 16 and older: 200,000 labor force: 100,000 # of people working part time: 20,000 # of people working full time: 70,000 how many people are unemployed

20,000+70,000=90,000 100,000-90,000=10,000 10,000

discouraged workers

are nonworking people who are capable of working but have given up looking for a job due to the state of the job market

the unemployment problem in an economy may be understated by the underemployment rate due to?

discouraged workers

Unemployed

people are actually looking for work but aren't currently employed

Employed

people are currently holding a job in the economy, either full time or part time