Unemployment
Noah Martinez
5 min read
Listen to this study note
Study Guide Overview
This study guide covers labor and unemployment for AP Macroeconomics. It defines the labor force, including who is included and excluded, and explains the labor force participation rate. It then discusses the unemployment rate and provides calculation examples. Finally, it details the three types of unemployment: frictional, structural, and cyclical unemployment, providing definitions and examples for each.
#AP Macroeconomics: Labor and Unemployment - The Night Before 🌃
Hey! Let's get you prepped and confident for your AP Macro exam. We're going to break down labor and unemployment, making sure everything clicks. No stress, just clear concepts and smart strategies. Let's do this!
#1. Labor Force: Who's In and Who's Out?
#What is the Labor Force?
The labor force includes everyone who is employed or actively seeking employment. Think of it as the pool of people ready and able to work.
- Who's In?
- People 16+ years old
- Those with jobs
- Those actively looking for work
- Who's Out?
- Military personnel
- Institutionalized individuals
- Retirees
- Students (not actively seeking work)
- Discouraged workers: People who want to work but have given up looking. They're not counted in the labor force.
Remember: The labor force only includes those actively participating in the job market.
#Labor Force Particip...
How are we doing?
Give us your feedback and let us know how we can improve