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AP Macroeconomics

AP Macroeconomics. Unemployment. Unemployment. Start with the Population of the Country (310 million) Unemployment is the percentage of people who do not have jobs that are in the labor force. Let’s figure out which groups of people are NOT in the labor force!  Not in Labor Force Kids

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AP Macroeconomics

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  1. AP Macroeconomics Unemployment

  2. Unemployment • Start with the Population of the Country (310 million) • Unemployment is the percentage of people who do not have jobs that are in the labor force. • Let’s figure out which groups of people are NOT in the labor force!  • Not in Labor Force • Kids • Military personnel • The institutionalized • Stay at home Moms and Dads • Full-time students • Retired people • the DISCOURAGED (to be in the labor force the person has to be LOOKING for work)

  3. Labor force • Number of people in a country that are classified as either employed or unemployed • Labor Force Participation Rate • % of working age population in the labor force (U.S. is approx. 66%)

  4. Unemployment • Employed • People 16 years and older that have a job. • It doesn’t matter if it’s part-time or full-time, as long as they work at least 1 hour every 2 weeks • Those on sick leave, strike, vacation • Unemployed • People 16 years and older that don’t have a job, but have actively searched for a job in the last 2 weeks • Unemployment rate = # of unemployed / # of people in labor force • Remember that the labor force is made up of the employed AND unemployed. • Also remember that to be counted as unemployed the person has to have LOOKED for a job

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