Econ Ch.7 Study help - Chapter seven Defining and Measuring...

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Chapter seven: Defining and Measuring Unemployment Employed: any person 16+ who works for pay, either for someone else or in his own business for one or more hours per week, or who works without pay for 15 or more hours per week in a family enterprise, or who has a job but has been temporarily absent, with or without pay. Unemployed: a person 16+ who is not working, is available for work, and has made specific efforts to find work during the previous 4 weeks. Labor Force: The number of ppl employed plus the number of unemployed. Not in labor force: A person who is not looking for a job, because he or she does not want a job or has given up looking. - Labor Force=Employed+Unemployed Unemployment Rate: The ratio of the number of ppl unemployed to the total number of ppl in the labor force. - Population = Labor Force +Not in Labor Force - Unemployment rate = Unemployed/employed + Unemployed Labor Force Participation Rate: The ratio of the labor force to the total population 16 years old or better -
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