Summary ECON112: CHAPTER 4 - UNEMPLOYMENT & INFLATION

Ch 4




Unemployment
&

Inflation

, Labour force 15-1
all
↳ members
of the
working-age population ,

both employed &
unemployed .




=/ Labour Force

↳ retired ppl , financially independent ,
not
looking for job
Employed
↳ are
working
Unemployed
↳ are not
working but actively seeking work

Unemployment
↳ the number +
who
actively
of persons 15
yo are



seeking work but not employed
Unemployment rate

↳ the percentage of those in the labour force who do not

hold paid employment
Participation
-
rate

the those who
↳
percentage of in the
working -




age population
the
are
actually in labour force .