9.2 THE LABOR FORCE. DEFINITION AND MEASUREMENT 9.2.1 Labor force e Labor force the sum of number of unemployed and employed persons for a chosen time period the number of people aged 15 and over, who worked for pay or profit or who were unemployed ● Employed those who worked for one hour or more for moneta return or who worked for 15 hours or more of unpa work in a family business Unemployed those who are available for work and who are actively looking for employment Not in the labor force those who are neither employed nor unemployed the aged, the very young full-time students
9.2 THE LABOR FORCE: DEFINITION AND MEASUREMENT 9.2.1 Labor Force • Labor Force – the sum of number of unemployed and employed persons, for a chosen time period. – the number of people, aged 15 and over, who worked for pay or profit, or who were unemployed. • Employed – those who worked for one hour or more for monetary return or who worked for 15 hours or more of unpaid work in a family business. • Unemployed – those who are available for work and who are actively looking for employment. • Not in the labor force – those who are neither employed nor unemployed. – the aged, the very young, full-time students…
9.2.2 Participation Rate Participation Rate the proportion of the specific population that is in the labor force expected rates of pay, taxation rates, social welfare payments income of other household members Unemployment Rate the ratio of the number of unemployed to the labor force cyclical unemployment, hidden unemployment, structural unemployment, seasonal unemployment, natural rate of unemployment
9.2.2 Participation Rate • Participation Rate – the proportion of the specific population that is in the labor force. – expected rates of pay, taxation rates, social welfare payments, income of other household members… • Unemployment Rate – the ratio of the number of unemployed to the labor force. – cyclical unemployment, hidden unemployment, structural unemployment, seasonal unemployment, natural rate of unemployment