LABOUR MARKETOnline version The main goal of this activity is to distinguish the main concepts in the labour market and their rates. by MARGARITA GOMEZ CATALAN 1 DEFINITION 2 CONCEPTS The fraction of a population that is either employed or actively seeking employment The fraction of population who are not employed or unemployed during the survey Total population in a region, within a set range of ages, that is considered to be able and likely to work Percentage of total workforce who are unemployed and are looking for a paid job Percentage of the total labor force that is unemployed but actively seeking employment and willing to work Percentage of active persons in relation to the comparable total population fundamental economic concept that describes the total amount of a specific good or service that is available to consumers describes a consumer's desire and willingness to pay a price for a specific good or service. It is determined by the intersection of supply and demand for labor Monetary remuneration computed on hourly, daily, weekly, or piece work basis the number of people who are either employed or are actively looking for work minimum amount of compensation an employee must receive for performing labor. They are typically established by contract or legislation by the government ACTIVE POPULATION INACTIVE POPULATION WORKING-AGE POPULATION UNEMPLOYMENT POPULATION ACTIVITY RATE UNEMPLOYMENT RATE SUPPLY DEMAND EQUILIBRIUM WAGE WAGE PARTICIPATION RATE MINIMUM WAGE
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