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15 Cards in this Set
- Front
- Back
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labor force
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includes all persons over age sixteen who are working for pay, seeking paid employment
or not working and not looking for work |
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larbor force participation rate
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percentage of the population working or seeking employment
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nonparticipants
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people who are neither employed or actively seeking work
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growth production is limited by two factors
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*the acailability of factors of production
*technological know-how |
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economic growth
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an increase in output (real GDP) an expansion of production possibilities
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Institutional Constraints
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Production possibilities, depending on availablity of resources and technology. And the size of labor force.
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Unemployment
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the inability of labor-force participants to find jobs
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Okun's Law
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asserts that 1% more unemployment results in 2 % less output
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Measuring Unemployment
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U.S. Census Bureau surveys 60,000 households a month to find how many people are unemployed
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Unemployment Rate
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the proportion of the labor force that is unemployed
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Reasons for Unemployment
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How long a person is unemployed depends on:
*Job leavers *Job losers *Reentrants *New entrants |
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Discouraged Worker
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an individual who is not actively seeking employment but would look for or accept a job if one were available
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Underemployed
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is when people seeking full-time paid employed work only part time or are employed at jobs below their capability
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The Phantom Unemployed
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Some of the people who are counted as unemployed probably should not be
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Europe's Unemployment Woes
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Their unemployment levels are much higher than the U.S. because of sluggish economic growth and high unemployment benefits
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