- The unemployed refers to :
? - people willing and able to work, actively seeking work, but unable to find employment (in the previous week at a minimum)
- occurs when total demand for labour (available jobs) is less than the total supply of labour (available workers)
The labour force
?
- Labour force consists of : all the employed and unemployed persons in the country at any given time.
- employed + unemployed
The labour force participation rate
?
- Labour force participation rate refers to : the percentage of the population, aged 15 and over (working age population), in the labour force, that is either employed or unemployed.
- labour force ÷ working age population
Unemployment (rate)
- Unemployment rate (%) is :
? - the portion of the total labour force that is unemployed
- unemployed ÷ labour force