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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What is the difference between the employment rate and the labor force participation rate?

To determine

The difference between employment rate and the labor force participation rate.

Explanation

Employment rate is calculated as the ratio of the number of employed people to the civilian non-institutional population. The rate of employment is calculated using Equation (1) as follows:

Employment rate=Number of employed peopleCivilian non-institutional population (1)

Labor force participation rate is defined as the percentage of the civilian non-institutional population that is included in the civilian labor force. The labor force participation rate can be calculated using Equation (2) as follows:

Labor force participation rate=Civilian labor forceCivilian non-institutional population (2)

The civilian labor force includes the number of employed and unemployed people

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