Module 6: Unemployment Flashcards
6a / 6b
1
Q
What is population
A
- Abbreviation is WAP
- It is the number of persons of working age (15 yrs and old)
2
Q
What is employment
A
The number of employed workers (total, full/part time)
- E
3
Q
What is unemployment
A
The number of workers who are able and want to work but are not employed (U)
4
Q
What is the labour force made up of?
A
employed + unemployed
5
Q
What does ‘out of the labout force mean’?
A
It includes:
1. Discourage workers
2. Retirees
3. Students
6
Q
How to ‘calculate’ those out of the labour force?
A
population minus labour force
7
Q
What is the unemployment rate? (UR)
A
UR = U/LF *100%
8
Q
What is the ‘participation rate’
A
(PR) = LF/WAP
9
Q
What is the unemployment rate?
A
ER = E / WAP *100%
