Economics 2030 Definitions for Exam 3

Economics 2030 Definitions for Exam 3 - Economics 2030...

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Economics 2030 Definitions for Exam 3 1. Labor Force Characteristics- these are characteristics of employed and unemployed persons and persons not in the labor force. Date on hours of work, earnings, and demographics characteristic. 2. Employed Person- people who did any work for pay or profit during the survey reference week; persons who did at least 15 hours of unpaid work in a family-operated enterprise; and person who were temporarily absent from their regular jobs because of illness, vacation, bad weather, industrial dispute, or various personal reasons. The employment- population ratio represents the proportion of the civilian no institutional population that is employed. 3. Unemployment- If they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work. Persons who were not working and were waiting to be recalled to a job from which they had been temporarily laid off are also included as unemployed. Receiving benefits from the Unemployment Insurance (UI)
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