Labour Market - Definition & measurement of:

• Unemployment rate
• Participation rate
• Involuntary part-time rate
• Working-age population
• Labour force
• Employment
• Unemployment Employment-population ratio
• Types of unemployment - e.g., frictional, structural, cyclical
• Definition of full employment (Tip: full employment does not mean zero unemployment)
• Natural rate of unemployment
• Unemployment and the business cycle (Note: unemployment tends to rise when the economy is contracting (in recession) and fall when the economy is in an expansion.