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Chapter 6 Employment and Unemployment Labor 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 + U Labor force participation rate (LFPR): proportion in the labor force from a specific group. For the total labor force, LFPR=LF/Pop Employment to population ratio: total employment (E) relative to that population (Pop), E/Pop Unemployment rate: number unemployed as a percentage of the labor force, U/LF Contingency work force: consists of part-time and temporary employees plus business service providers plus the self-employed Unemployment: 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 employment Voluntary 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. Involuntary unemployment: occurs when people lack jobs, but they are willing, able, and
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