Types of unemployment (Econ)

CFA Level I Economics
#1

Hi, could anyone help me clarify these unemployment concepts?

Is it correct to state the following?

working age pop = volunterely unemp + discourage workers + seeking for job + employed workers

Unemployed = discourage workers + seeking for job

Labor force = discourage workers + seeking for job + employed workers

Thanks!

#2

I would suggest:

Working age population: 16-64 (According to OECD)

Unemployed: Member of working age seeking actively a job

Labor force: Employed + unemployed

Discouraged workers are not accounted for directly. That’s why unemployment may increase at the beginning of a recovery . Discouraged workers registers try to go back into the labour force.

I hope this help.

#3

Based on my understanding:

Working Age Population = Employed + Unemployed + Discouraged Workers + Voluntarily Unemployed

Unemployed = Frictionally Unemployed + Long-Term Unemployed

Labor Force = Employed + Unemployed (excludes Discouraged Workers + Voluntarily Unemployed)

All unemployed people, by definition, seek a job.