Principles of Macroeconomics / Unit 5 MAC 0402 short lesson, about 20 seconds
The Three Categories
Captions available
The idea
Everyone sixteen and over falls into one of three groups: employed, unemployed, or out of the labor force. The three are exclusive and exhaustive.
In practice
Employed means working for pay; unemployed means jobless, available, and actively looking.
Where people slip
The base population excludes active-duty military and people in institutions, so it is called the civilian noninstitutional population.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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