Economics Questions

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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