00:01
Okay, we have quite a few different questions here about things like unemployment, the labor force, working age, what all these terms mean.
00:11
The first question is, what is the labor force? the labor force is defined as everybody who either has a job or is actively looking for a job.
00:28
So unemployed people count because if you're unemployed, they label that as you're looking for a job.
00:36
You just haven't found one.
00:38
So people who are not actively looking for a job, what we would label as discouraged workers, are not counted as part of the labor force.
00:48
Question number two is asking about if you get laid off just because of normal reasons, normal shifts, normal changes, nothing crazy going on, just the normal kind of cycle of understanding.
01:05
What is that called? that is called, i've alluded to it, cyclical unemployment.
01:13
Sometimes these things just happen...