There appears to be disagreement when it comes to the terms EAP, labour force, labour force participation rate, labour force absorption rate.
I would define it as follows:
EAP - includes those who are active in the labour market, ie employed and unemployed (according to the strict definition, ie looking for a job). They are working or actively looking for work.
Labour force - those who are employed.
Labour force absorption rate - % of those in the EAP who find jobs in the formal sector.
Labour force participation rate - % employed
Gr 12 economics teacher
I would define it as follows:
EAP - includes those who are active in the labour market, ie employed and unemployed (according to the strict definition, ie looking for a job). They are working or actively looking for work.
Labour force - those who are employed.
Labour force absorption rate - % of those in the EAP who find jobs in the formal sector.
Labour force participation rate - % employed
Gr 12 economics teacher