Module_3_-_Unemployement(1)[1]

Module_3_-_Unemployement(1)[1] - ECONOMICS II(ECON 201...

Info icon This preview shows pages 1–8. Sign up to view the full content.

ECONOMICS II (ECON 201) Unemployment Module 3 3/25/16 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Employment and Unemployment Employment is a contract between two parties, one being the employer and the other being the employee. Employment in economics can be defined as expressed in number of people working or in total working hours. Unemployment is defined by the International Labor Organization, occurs when people are without jobs and they have actively looked for work within the past four weeks. Unemployment refers to the condition of unwanted job losses, or willing workers without jobs. 3/25/16 2
Image of page 2
Employed An employed person is someone who is over 15 and who, during the survey week: Worked for more than one hour for pay, profit, commission or payment in kind; Worked for one hour or more in a family business or on a farm; Was an employee or self-employed. Full time and part time workers. Person who had job from which they were temporarily absent because of vacation, illness or bad weather. 3/25/16 3
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Unemployed An unemployed person is someone 15 to 69 who during the survey week: Had actively looked for full-time or part-time work; Was available to start work in the survey week; Had tried to find employment during the previous 4 weeks. Was waiting to be called back to work from actively looking for work; 3/25/16 4
Image of page 4
Labor force and Unemployment rate Labor force is defined as the sum of the employed and the unemployed. Labor force = No. of people unemployed + No of people employed Unemployment rate is defined as the percentage of the labor force that is unemployed. Unemployment rate = No. of people unemployed Labor force X 100 3/25/16 5
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Labor force participation rate Labor force participation measures the percentage of the total working age population is in the labor force. Labor force participation rate = Labor force Working age population X 100 3/25/16 6
Image of page 6
Working age population The total population in a region, within a set range of ages, that is considered to be able and likely to work. The working-age population measure is used to give an estimate of the total number of potential workers within an economy.
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern