Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Meaning of being employed
|
still in the labor force, but --people who have current jobs, --unpaid worker in family buisiness,
--temporarily absent |
|
|
Meaning of being unempoyed
|
still in labor force, but
--looking for a job in last 4 weeks, --available for work, --waiting to be recalled from being laid off |
|
|
Requirements for not being in labor force at all
|
retirement, disability, full-time student, homemaker
|
|
|
formula for unemployment rate
|
# of unemployed / labor force
|
|
|
def. of natural rate
|
the normal rate of unemployment
|
|
|
def. of cyclical unemployment
|
the deviation of the unemployment rate from its natural rate
|
|
|
example of frictional unemployment
|
job search takes time
|
|
|
example of structural unemployment
|
minimum wage laws
# of jobs in some fields are insufficient |
|
|
why is the natural rate of unemployment always positive?
|
Because frictional unemployment & structural unemployment are positive and frictional unemployment will always be positive
|
|
|
why will frictional unemployment always be positive
|
b/c job search always takes time, technology is advancing = re-training
|
