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6 Cards in this Set
- Front
- Back
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employed =
unemployed = |
--current job, works in own business, unpaid in family business, temp. absent
--looking for job (4 weeks), waiting to be recalled from laid off |
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Labor force =
not in labor force = |
--employed and unemployed
--retirement, disability, full-time student, homemaker |
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Calculation for Unemployment rate
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(# of unemployed) / (labor force) x 100
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Definitions of Natural Rate of Unemployment & Cyclical Unemployment
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natural rate = normal rate of unemployment
cyclical rate = deviation from normal rate |
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Definition of Frictional Unemployment and Structural Unemployment
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frictional = job search takes time
structural = minimum wage laws |
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Why is the natural rate of unemployment positive?
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Because frictional unemployment & structural unemployment are positive and frictional unemployment will always be positive
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