Labour Force, Unemployment & Economic Indicators

Flashcards about the labor force, unemployment, and economic indicators.

What is included in the labour force?

People aged 15 and above who are employed or actively seeking employment (economically active).

What is the definition of employed?

Anyone who works at least one hour per week for pay.

What is the definition of unemployed?

Anyone aged 15 years and above who is able and willing to work and actively seeking employment but has not found a job yet.

What is underemployment?

People working below their level of skills and qualifications, such as part-timers looking for a full-time job.

Who is considered economically inactive?

People aged 15 and above who are outside the labour force, such as full-time students, housewives, retirees, disabled individuals, and discouraged workers.

What is the discouraged worker effect?

A person who feels discouraged and stops looking for a job due to not being able to find one (not included in the unemployed or labour force).

What does the labor force participation rate tell us?

The proportion of the adult population who are economically active. Calculated as (Labour force / Adult population) * 100%.

What does the unemployment rate show us?

The proportion of the labour force who have not found jobs yet despite being able and willing to work and actively looking for jobs. Calculated as (Number of unemployed / Labour force) * 100%.

What is the adult population defined as in the context of labour force statistics?

People aged 15 and above.

How is the labour force defined?

The economically active portion of the adult population, including full-time workers, part-time workers, and the unemployed.

What is included in the labour force?

People aged 15 and above who are employed or actively seeking employment (economically active).

What is the definition of employed?

Anyone who works at least one hour per week for pay.

What is the definition of unemployed?

Anyone aged 15 years and above who is able and willing to work and actively seeking employment but has not found a job yet.

What is underemployment?

People working below their level of skills and qualifications, such as part-timers looking for a full-time job.

Who is considered economically inactive?

People aged 15 and above who are outside the labour force, such as full-time students, housewives, retirees, disabled individuals, and discouraged workers.

What is the discouraged worker effect?

A person who feels discouraged and stops looking for a job due to not being able to find one (not included in the unemployed or labour force).

What does the labor force participation rate tell us?

The proportion of the adult population who are economically active. Calculated as (Labour force / Adult population) * 100%.

What does the unemployment rate show us?

The proportion of the labour force who have not found jobs yet despite being able and willing to work and actively looking for jobs. Calculated as (Number of unemployed / Labour force) * 100%.

People aged 15 and above.