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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the difference between being unemployed and being out of the labor force?

To determine

Unemployed labor force and being out of labor force is to be compared.

Explanation

Out of labor force:

Being out of labor force implies that either the person is not willing or not able to work. It includes people who are retired (not in the working age population), children (below 15 years of age), students who belong to working age but currently not working, people on parental leave or maternity break, those who have taken voluntary break from work, those who have voluntarily taken premature retirement, etc.

It is calculated by subtracting the labor force from the total adult population (aged 16 years or above)...

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