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Unformatted text preview: Key terms employment: the total number of people currently employed for pay in the economy, either full-time or part-time. unemployment: the total number of people who are actively looking for work but arent currently employed. labor force: the sum of employment and unemployment ; that is, the number of people who are currently working plus the number of people who are currently looking for work. labor force participation rate: the percentage of the population age 16 or older that is in the labor force. unemployment rate: the percentage of the total number of people in the labor force who are unemployed, calculated as unemployment/ ( unemployment + employment ). discouraged workers: individuals who want to work but who have stated to government researchers that they arent currently searching for a job because they see little prospect of finding one given the state of the job market.currently searching for a job because they see little prospect of finding one given the state of the job market....
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