Social GA 3.1 Flashcards
refers to individuals
who are not currently working, but
are available and actively seeking
employment.
Unemployment
refers to the group of individuals in
a country who are legally eligible to
work. This typically includes adults
who are not retired and have
completed their education.
Working Age Population
is the
percentage of individuals who are
unemployed but actively seeking
employment. It does not include
individuals who have stopped
looking for work or who are not
available to work.
Unemployment Rate
includes all individuals who are
currently employed or actively
seeking employment. This includes
both full-time and part-time
workers, as well as self-employed
individuals.
Labor Force
Example of Labor Force:
Full-time,
part-time, and freelance workers.
Individuals who are not employed
and are not actively seeking
employment are considered to be
outside of the labor force. This
includes retired individuals,
students, and those who are unable
to work.
Non-Labor Force
Example of Non-Labor Force:
Retired people, students, individuals
caring for children or family
members, and individuals who
choose not to work
Types of Unemployment:
Demand Side Unemployment
Cyclical Unemployment
Supply-Side Unemployment
caused by a
decrease in demand for goods and services
Demand Side Unemployment
caused by
fluctuations in the economy or business
cycles
Cyclical Unemployment
caused by issues
on the supply side of the labor market.
Supply-Side Unemployment
is a rare occurrence in which
there is a simultaneous increase in inflation
and unemployment
stagflation
Labor Force formula
Employed + Unemployed
Labor Force Participation Rate formula
Labor Force /
Working Age Population
Unemployment Rate formula
Unemployed / Labor
Force
