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17 Cards in this Set
- Front
- Back
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Total number of adults (aged 16 years or older) willing and able to work and who are actively looking for work but have not found a job
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Unemployment
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Individuals aged 16 years or older who either have jobs or who are looking and available for jobs; the number of employed plus the number of unemployed
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Labor Force
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The quantity of something, measured at a given point in time—for example, an inventory of goods
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Stock
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A quantity measured over time, such as the income you make per year, or the number of individuals fired every month
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Flow
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Categories of individuals without work
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Job loser
Reentrant Job leaver New entrant |
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An individual whose employment was involuntarily terminated or who was laid off
40–60% of the unemployed |
Job Loser
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An individual who has worked a full-time job before but left the labor force and has now reentered it looking for a job
20–30% of the unemployed |
Reentrant
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An individual who voluntarily quit
10 to 15% of the unemployed |
Job Leaver
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An individual who has never worked a full-time job for two weeks or longer
10 to 15% of the unemployed |
New Entrant
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Individuals who have stopped looking for a job because they are convinced they will not find a suitable one
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Discouraged Workers
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The proportion of non-institutionalized working-age individuals who are employed or seeking employment
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Labor Force Participation Rate
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The major types of unemployment
Frictional Structural Cyclical Seasonal |
Frictional
Structural Cyclical Seasonal |
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Results from the fact that workers must search for appropriate job offers
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Frictional Unemployment
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Results from a poor match of workers’ abilities and skills with current requirements of employers
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Structural Unemployment
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Results from business recessions that occur when aggregate (total) demand is insufficient to create full employment
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Cyclical Unemployment
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Seasonal Unemployment
Results from the seasonal pattern of work in specific industries |
Seasonal Unemployment
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The value of money for buying goods and services
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Purchasing Power
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