Chapter 6Employment and UnemploymentLabor force (LF): consists of all employed or unemployed civilians over age 16 plus members of the Armed Forces stationed in the United States. LF=E + ULabor force participation rate (LFPR): proportion in the labor force from a specific group. For the total labor force, LFPR=LF/PopEmployment to population ratio: total employment (E) relative to that population (Pop), E/PopUnemployment rate: number unemployed as a percentage of the labor force, U/LFContingency work force: consists of part-time and temporary employees plus business service providers plus the self-employedUnemployment: occurs when people are able to work and would willingly accept the prevailing wage paid to someone with their skills, but either rcannot find or have not yet secured sutable employmentVoluntary unemployment: occurs when people could find work quickly, but choose to search for what they view as better jobs in terms of pay or working conditions.
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