ECON 0110 Lecture Notes - Aggregate Demand, Unemployment, Frictional Unemployment
Document Summary
It is the responsibility of the federal government to seek maximum employment . All persons age 16 and over who are not inmates of penal or mental institutions, sanitariums, or homes for the aged, infirm or needy. Worked for pay any time during the week which includes the 12th day of the month. Worked unpaid for 15 hours or more in a family-operated business. A person with 2 jobs is counted only once. Unemployed (u: did not work during the survey week, available for work, had looked for jobs within the preceding 4 weeks or, did not look for work because they were laid off. Persons who do not have a job, would like one, and are actively seeking a job. Everyone in the civilian noninstitutional population who is not classified as employed or unemployed. = all employed or unemployed persons in the civilian noninstitutional population. = all individuals who have a job or are actively seeking work.
