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20 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Labor force
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the total number of workers, including both the employed and the unemployed
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Unemployment rate
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the percentage of the labor force that is unemployed
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Labor-force participation rate
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the percentage of the adult population that is in the labor force
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Natural Rate of Unemployment
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the normal rate of unemployment around which the unemployment rate fluctuates
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Cyclical unemployment
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the deviation of unemployment from its natural rate
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Discouraged Workers
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individuals who would like to work but have given up looking for a job
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Frictional Unemployment
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unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
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Structural Unemployment
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unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
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Job Search
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the process by which workers find appropriate jobs given their tastes and skills
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Unemployment insurance
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a government program that partially protects worker’s incomes when they become unemployed
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Union
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a worker association that bargains with employers over wages, benefits, and working conditions.
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Collective bargaining
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the process by which unions and firms agree on the terms of employment
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Strike
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the organized withdrawal of labor from a firm by a union
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Efficiency Wages
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above-equilibrium wages paid by firms to increase worker productivity
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current population survery
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monthly survey of 60,000 households by the
BLS (bureau of labor statistics) |
bls
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What is the Labor Force Equation?
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# of employed + # of unemployed
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___ + ____
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what is the Unemployment Rate equation?
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(# of unemployed/ labor force)x 100
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(__/__) x 100
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What is the labor force participation rate equation?
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(labor force/ adult popln)x100
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(__/__)x100
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What are sectoral shifts?
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Changes in the composition of demand among industries or regions
eg: oil price DOWN= employment DOWN= auto co. employ and production UP |
demand
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What is the National Labor Relations Board (NLRH)?
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gov't agency that enforces workers' right to unionize
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