Economics Part B

Employment and Unemployment overview

General

In order to monitor data in a country in relation to employment and unemployment, the populace is usually separated into two groups:

  • Adults (age 15+),
  • Minors (below age 15), as presented in Diagram 10.1.

Diagram 10.1

Diagram 10.1

The group of adults is separated into two sub-groups:

1. Adults belonging to the labor force

2. Adults not looking for employment

This group includes two sub-groups:

This group consists of adults not looking for work. It consists mostly of pensioners who do not want to work, students, those who have despaired of finding employment, etc.

1.1 Employed

1.2 Unemployed

A note for accuracy:

In professional literature, the following terms and expressions usually replace the terms and expressions we have used here:

  1. Instead of adult, the expression population of working age is used.
  2. Instead of minors, the expression population not of working age is used.

Unemployed      

This group consists of people actively looking for employment, but who have not yet successfully found work.

Unemployed

Unemployment Rate

The proportion of unemployed among those belonging to the labor force. 

Employment and Unemployment overview 537Employment and Unemployment overview