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Summary ECON112: CHAPTER 4 - UNEMPLOYMENT & INFLATION
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Ch 4Unemployment
&
Inflation
, Labour force 15-1
all
↳ members
of the
working-age population ,
both employed &
unemployed .
=/ Labour Force
↳ retired ppl , financially independent ,
not
looking for job
Employed
↳ are
working
Unemployed
↳ are not
working but actively seeking work
Unemployment
↳ the number +
who
actively
of persons 15
yo are
seeking work but not employed
Unemployment rate
↳ the percentage of those in the labour force who do not
hold paid employment
Participation
-
rate
the those who
↳
percentage of in the
working -
age population
the
are
actually in labour force .
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