Chapter Seven:. Unemployment. The Big Ideas of the Chapter…. The definition and causes of economic growth. The nature and cause of the business cycle. The nature of unemployment and its measurement. The definition of inflation and how it is measured.
Unemployment rate = (unemployed / labour force) × 100
What is the Labour Force? Persons 15 years of age and older who are not in institutions AND who are employed or are unemployed and seeking work.