W1_Unemployed and Inflation

Who is in the labour force?

Employed and unemployed

Who is not in the labour force?

Students

What is employed part-time?

Working less than full time

What is unemployed?

No job

What is labour participation rate formula?

Labour force / working-age population × 100%

What is unemployment rate formula?

Unemployed / labour force × 100%

Who is counted as employed?

Full-time or part-time workers

What is working-age population?

All people eligible to work

What does 1 − unemployment rate equal?

Employment rate

What is inflation?

Percentage change in price level

Inflation formula?

(New – Old) / Old × 100%

Price in 2020 = 120

price in 2021 = 150

What measures price level?

CPI

What does CPI stand for?

Consumer Price Index

What is CPI?

Price of fixed basket of goods

Top CPI category?

Housing

Do all prices rise equally?

No

What is CPI used for?

Measuring inflation

What affects CPI weight?

Household spending pattern