Labour force participation rate: Labour force / adult population

Unemployment rate: Unemployed adults / labour force

Employment rate: Employed adults / adult population

Employment insurance: Temporary income for members of the labour force who are having a hard time searching for a job that gradually reduces over time.

Unemployment: A member of the labour force who is not currently in a job, but is looking for a job.

The Labour Force: Citizens 15+ in age who are either actively looking for a job or currently employed. If they do not fit these criteria, they are not a part of this group.

Natural rate of unemployment: A ‘normal’ amount of unemployment an economy experiences that is pretty much permanent.

Cyclical unemployment: Short-term fluctuation in unemployment rate, usually inversely related to the business cycle .

Observed unemployment: Natural rate of unemployment + cyclical unemployment

Frictional unemployment: When someone is unemployed because they are taking the time to find a job that suits their tastes and skills

Structural unemployment: When someone is unable to find any job that matches their needs because of the structure of the economy.

Potential GDP: The output of an economy with full employment, or at the natural rate of unemployment (no structural or cyclical unemployment).