Chapter17_FINAL (3).pptx - Principlesof Economics...

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Principles of  Economics  Unemployment Chapter 17
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Unemployed Bureau of Statistics estimates employment and  unemployment monthly Labor force   = employed + unemployed Unemployment rate   = unemployed / labor force Participation rate   = labor force / population 16 + Out of the Labor Force Unemployment 17-2 Population Age 16 + Population Age 16 + Employed
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Employed:  A p erson is employed if he or she worked full-time  or part-time (even for a few hours) during the past week or is  on vacation or sick leave from a regular job. Unemployed:  A person is unemployed if he or she did not  work during the preceding week but made some effort to find  work (for example, by going to a job interview) in the past four  weeks. Out of the labor force:   A person is considered to be out of the  labor force if he or she did not work in the past week and did  not look for work in the past four weeks. In other words,  people who are neither employed nor unemployed.
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