Question

In: Economics

Define the following and write each formula: a) Labor force participation rate b) Labor Force c)...

Define the following and write each formula:
a) Labor force participation rate
b) Labor Force
c) Unemployment Rate

Solutions

Expert Solution

Labor participation can be defined as a method of finding out the active segment of an economy’s manpower. It mainly indicates the total number of individuals who are activity looking for the job or are currently employed.

Labor force participation rate can be found by dividing the total number of manpower actively participating in the labor force by the total number of individuals who are eligible to be the part of the labor force.

Labor force participation rate = [(labor force) / (labor force population)]*100

Labor Force:- It can be seen as the total population of an economy who are able to work. Labor force is equal to the total number of employed individuals and the unemployed individuals of the civilian non-institutional population

Unemployment rate can be defined as a method of estimating the prevalence of unemployment and it can be determined as a percentage by dividing the total number of unemployed members of an economy by the total number of individual who are currently the a part of labor force.

Unemployment Rate = Number of employed individuals / labor force

Rahul Sunny answered 2 years ago
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