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Economics

Measurement of unemployment: Labour force, Participation rate, Unemployment Rate

Unemployment refers to working age (15-64) people actively seeking employment but are unable to find it. There are three key measures used in HSC Economics for unemployment:

  • Labour force – employed and unemployed workers
  • Participation rate – percentage of working age population participating in the labour force
  • Unemployment rate – percentage of labour force who is unemployed

Watch the video to learn more about measures of unemployment in HSC Economics: