Labour Force, Labor Force Participation Rate And Unemployment Rate

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Explain the terms Labor Force, Labor Force Participation Rate and Unemployment Rate. What is the relationship between these three measures?
Labor force is any person working or looking for jobs over the age of 16, and is calculated by adding the number of unemployed plus the number of employed. The labor force participation rate is a percentage of non-institutionalized individuals working or looking for work, and can be found by dividing the labor force by all the adult population. On the other hand the unemployment rate is a measure of the active labor force, and can be found by dividing the unemployed by the number of people in the labor force.
The relationship between labor force, labor force participation rate and unemployment rate are measures that help the government accurately assess the health of an economy. One example is when the government offer unemployment benefits people receives money as long as they looking for work. The unemployed receive this benefits only for a short amount of time to encourage people to start working again to strengthen the labor force, hence affecting the labor participation rate, which government uses to determine the well-being of the economy in the nation (Miller, 2012).

What is a price index? Explain the terms Producer Price Index and Consumer Price Index. Is there any relationship between them?
The price index is a measure that the government uses to compare a consistent base of products or a (basket of goods) from year to year

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