a. Explain the 2 parts of the labor force? (Hint there are 3 necessary elements) b....

a. Explain the 2 parts of the labor force? (Hint there are 3 necessary elements)

b. Explain and define the participation rate. How does a decrease in the participation rate effect the economy?

c. Explain frictional and structural types of unemployment.

d. What effect does acquiring a higher degree of education do to the participation rate and unemployment rate? Explain fully.

Expert Solution

Labour force is the economically active population of the country. It's two parts are the currently employed people and the ones who are currently unemployed and looking for employment.

Labour force participation rate is the ratio of all employed workers and those seeking work divided by the working-age population. If the participation rate decreases, it can be because of an increase in working age population which means a higher labor supply which will push down wages. It can also be because fewer people are employed or looking for jobs. This will have an effect on the growth of GDP as economic activity will fall as there are fewer people working.

Frictional unemployment is when workers are looking for new jobs or are transitioning from one job to another. It is not related to the structural characteristics of the economy. It is voluntary. Structural unemployment is a type of long-term employment caused by structural changes in the economy. It is involuntary and more difficult to correct as it becomes difficult for people to find work.

Acquiring higher education will increase the participation rate as more people will be looking for work. It will decrease the unemployment rate as more people will be skilled and will find work.

Rahul Sunny answered 2 years ago

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