1
Q
what is population (WAP)
A
The number of people of working age (15 years & over)
2
Q
what is employment
A
The number of employed workers (full-time + part-time)
3
Q
what is duration
A
the duration of a complete spell of unemployment
3
Q
what is out of the labour force
A
- Population - Labour Force
- includes discouraged workers, retirees, students, etc.
3
Q
what is the labour force
A
Employment + Unemployment
4
Q
what is a complete spell
A
the time from the moment a worker loses their job until they find a new one
4
Q
when does UR increase
A
- when the flow of unemployed workers increases
- and/or the time unemployed workers remain unemployed increases
ECON 102
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