Working-age population: Working age population is defined as persons between 20 and 64 years of age.
2 million adults of working age, 33 million people below age 15 and almost 5 million above age 65.
Unemployment: state where people are available for work , and have made a specific effort to find a job during the past month and who during the most recent survey web worked less than one hour for pay.
Formula: number of unemployed individuals/ total number of persons in the civilian labor force.
Kinds of Unemployment: .
Frictional Unemployment: unemployment caused by workers who are between jobs. Mr. X if offered a new Job, he has to quit his old one, and start a capacitating process in between without pay.
Structural Unemployment: occurs when a fundamental change in the operations of the economy reduces the demand for workers and their skills. The Mexican Government decides to not support anymore the fishing sector, leaving behind many people with it.
Cyclical unemployment: unemployment directly related to swings in the business cycle. Company Y suffers the economic deceleration, and unemploys thousands of capacitated people, when the economy recovers , they are back .
Seasonal Unemployment resulting from changes in the weather or changes in the demand for certain products. The Nut productors, unemploy people when there is neither harvesting or planting season.
Technological Unemployment: caused when workers with less skills, talents or education are replaced by machines to do their jobs. Ford motor company develops a machine that can replace 20 humans. Leaving them behind.
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Full employment: is the lowest possible unemployment rate with the economy growing and all factors of production being used as efficiently as possible.