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19 Cards in this Set
- Front
- Back
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Employed |
Those who worked as paid employees, worked in their own business, or worked as unpaid workers in a family member's business. Both full-time and part-time workers are counted. This category also includes those who were not working but who had jobs from which they were temporarily absent because of for example vacation illness or bad weather |
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Unemployed |
Those who were not employed, were available for work, and had tried to find employment during the previous (4) weeks. It also includes those waiting to be recalled to a job from which they had been laid off. |
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Not in the labor force |
This category includes those who fit neither of the first two categories such as full-time students, homemakers, and retirees
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Labor Force |
The total number of workers, including both the employed and the unemployed
Labor force = Number of employed + Number of unemployed |
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unemployment Rate |
The percentage of the labor force that is unemployed
Unemployment rate = Number of unemployed/Labor Force x 100 |
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Labor Force Participation Rate |
the percentage of the adult population that is in the labor force
Labor-force participation rate = Labor force/ Adult population x 100 |
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Natural rate of unemployment |
the normal rate of unemployment around which the unemployment rate fluctuates |
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Cyclical Unemployment |
The deviation of unemployment from its natural rate |
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Discouraged workers |
individuals who would like to work but have given up looking for a job |
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BLS - Bureau of Labor Statistics |
60,000 households, called the Current Population Survey - collects data about the employment, length of the average workweek and the duration of unemployment - age 16 and older 3 categories - Employed, Unemployed, Not in the labor force |
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How long are the unemployed without work? |
Most spells of unemployment are short, and most unemployment observed at any given time is long-term.
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Frictional Unemployment |
unemployment that results because it takes time for workers to search for the jobs that best suite their tastes and skills |
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Structural Unemployment |
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 |
the process by which workers find appropriate jobs given their tastes and skills |
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Unemployment Insurance |
a government program that partially protects workers' incomes when they become unemployed |
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Union |
a worker association that bargains with employers over wages, benefits, and working conditions |
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Collective bargaining |
the process by which unions and firms agree on the terms of employment |
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Strike |
The organized withdrawal of labor from a firm by a union |
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Efficiency Wages |
above-equilibrium wages paid by firms to increase worker productivity |
