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Principles of Macroeconomics Econ 231 Fall 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University.

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Presentation on theme: "Principles of Macroeconomics Econ 231 Fall 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University."— Presentation transcript:

1 Principles of Macroeconomics Econ 231 Fall 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University

2 Labor Market Definitions Labor force Civilian non-institutionalized population 16 years and older who are either working or actively seeking work. Employed Those in the labor force who work for a wage or salary either part time or full time. Unemployed Those in the labor force who are not currently working but are actively seeking work.

3 Labor Market Definitions Labor force participation rate (LFPR) LF/pop (labor force divided by civilian non- institutionalized population age 16 and over) Employment to population ratio (EP ratio) Employed/pop Unemployment rate Unemployed/LF (unemployed divided by labor force)

4 Labor Market Definitions Frictional unemployment Normal turnover, new entrants, job changers Structural unemployment Unemployment due to long term changes in the economy. (Example: Use of robotics in auto production displaced many auto workers.) Cyclical unemployment Unemployment due to the business cycle.

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