Scanned Feb 11, 2025 at 9:47:11 PM

Labour Force Participation and Unemployment Age Limitations:

• Anyone under the age of 15 is not considered part of the labour force.

Key Definitions:

• Participation Rate = (Unemployed persons + Population aged 15+)

• Unemployment Rate = (Unemployed persons / Labour Force)

Types of Unemployment:

• Cyclical Unemployment: Individuals temporarily out of work due to economic downturns such as recessions.

Statistical Considerations:

• Unemployment rates may be underestimated as they do not account for those who have stopped looking for work despite their desire for employment.