Economics Questions
Topic: The Labor Force and the Population in an Economy
The Main Objectives for this Class are:
(Objective#1)-To define and distinguish between the concepts of the Labor Force or LF and the Population of a country
(Objective#2)-To explain the Significance of the LF in a country’s economy
(Objective#3)-To explain and interpret the following concepts with examples:
•Rate of Employment v Employment
•Rate of Unemployment v Unemployment
•Rate of Underemployment v Underemployment
•Rate of Labor Force Participation v Labor Force Participation
(Objective#4)-To explain the Causes of Unemployment or Types of Unemployment:
•Frictional Unemployment or FU
•Structural Unemployment or SU
•Technological Unemployment or TU
•Cyclical Unemployment or CU
•Seasonal Unemployment or SeU
•Classical Unemployment:
(a)Voluntary Unemployment or VU
(b)Involuntary Unemployment or IU
•The Natural Rate of Unemployment or NRU=FU + SU
(Objective#5)-To explain some of the limitations of the Rates of Employment, Unemployment and Underemployment
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