The Labour Market, wages and unemployment Flashcards
1
Q
Employed
A
- Works full-time or part-time during the survey period, or is on vacation or sick leave from a regular job
2
Q
Unemployed
A
- Not employed but actively seeking employment
3
Q
Out of the labour force
A
- Not employed or actively seeking employment
4
Q
The labour force
A
employed + unemployed
5
Q
Unemployment Rate
A
unemployed / labour force
6
Q
Employment Rate
A
Employed /working age population
7
Q
(Labour Force) participation rate
A
Labour force / working age population
8
Q
Natural Rate of Unemployment
A
Frictional + Structural unemployment
