Economics: Section 3: Module 12

Question 1

Employed

Answer 1

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

Question 2

Unemployed

Answer 2

people who are actively looking for work but are not currently employed

Question 3

Labor Force

Answer 3

equal to the sum of the employed and the unemployed

Question 4

Labor Force Participation Rate

Answer 4

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

Question 5

Labor Force Participation Rate (Formula)

Answer 5

labor force/population age 16 and older x 100

Question 6

Unemployment Rate

Answer 6

the % of the total number of people in the labor force who are unemployed

Question 7

Unemployment Rate (Formula)

Answer 7

of unemployed workers/labor force x 100

Question 8

Discouraged Workers

Answer 8

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

Question 9

Marginally Attached Workers

Answer 9

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

Question 10

Underemployed

Answer 10

people who work part time because they cannot find full-time-jobs, they are also not counted as unemployed

Question 11

U6

Answer 11

term for all 4 (unemployed, discouraged workers, marginally attached, and part-time workers)