The labour force can be defined as
Those who could claim benefit if they were to become unemployed.
The population between school leaving age and retirement age
Anyone who is working or actively seeking work
Those of working age who are seeking work and are available to for work at current wage rate.
As inflation increases and becomes more volatile resulting in greater uncertainty.
The price system becomes less efficient as a coordinating mechanisms
Investment by firms is likely to increase
International competitiveness is likely to improve
Consumption by households is likely to increase.
Macro economics is concerned with
The study of the behavior of individual households and firms
The determination of the relative prices of particular goods and services
The knowledge and skills of workers in an economy
The study of the behaviour and performance of the economy as a while
The percentage of the labour force that is unemployed is the
Labour force rate
Unemployment rate
Employment rate
Unemployment population ratio
