Unemployment, key categories, macro - Macroeconomics

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Key categories: Labor force – the total number of employees, including both the employed and unemployed, all people who are able and willing to work, excluding those under 16, those that are potential workers, but for some reason are not employed and are not seeking for work, for example, institutionalized people, homemakers, students, retired persons Employed population – people that must have either a full time job or a part-time job