Labour Market – Definition & measurement
of:
   Unemployment rate
   Participation rate
   Involuntary part-time
rate
   Working-age population
Labour force
  Employment
Unemployment Employment-population ratio
Types of unemployment...
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Economics
Labour Market – Definition & measurementof:
   Unemployment rate
   Participation rate
   Involuntary part-timerate
   Working-age population
Labour force
  Employment
Unemployment Employment-population ratio
Types of unemployment – e.g., frictional, structural,cyclical
  Definition of full employment (Tip: fullemployment does not mean zero unemployment)
  Natural rate of unemployment
   Unemployment and the business cycle(Note: unemployment tends to rise when the economy is contracting(in recession) and fall when the economy is in anexpansion.
Answer & Explanation
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4.4 Ratings (700 Votes)
Labor market is basically the supply and demand for labor which results in an equilibrium wage and an equilibrium level of labor employment Employers are the ones who demand labor because they want to hire people in their company Employees are the people who are supplying their labor as they work for the company Unemployment rate refers to the proportion of the working population who is unemployed ie not able to get jobs in spite of actively looking for jobs at the prevailing wage rate to the total labor force This is often represented in percentage forms Participation rate refers to the proportion of the working population typically between 15 to 60 years
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