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17 Cards in this Set
- Front
- Back
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What is productivity?
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The ratio of a specific measure of output, such as real GDP, to a specific measure of input, such as labor.
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What is labor productivity?
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output per unit of labor; measured as real GDP/hours of labor employed to produce that output.
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Per-worker Production Function
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The relationship between the amount of capital for worker and the average output per worker.
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Capital Deepening
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An increase in the amount of capital per worker; one source of rising labor productivity
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Applied Research
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Research that seeks answers to particular questions or to apply scientific discoveries to develop specific products.
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Industrial Policy
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The view that government should nurture (with taxes, subsidies, and regulations) the industries and technologies of the future to give them an advantage over a foreing competitor.
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Labor Force
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People who are working or looking for work.
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Unemployed
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The number unemployed as a percentage of the labor force.
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Discouraged workers
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People who drop out of the labor force because they experienced a little difficulty finding work.
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Labor force participation rate
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The labor force as a percentage of the adult population
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Frictional Unemployment
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Temporary unemployment because the job seekers and employers haven't yet bumped noses.
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Seasonal Unemployment
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Unemployment caused by seasonal changes in the demand in labor.
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Structural unemployment
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Unemployment because the job seeker either 1) lacks the necessary skill or 2) lives in the wrong area.
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Cyclical Unemployment
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Employment that fluctuates with the market, increasing during contractions and decreasing with expansions.
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Underemployment
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A working situation that is inferior based on 1) lack of hours 2) overqualification of worker.
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Hyperinflation
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A very high rate in inflation
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Deflation
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A decrease in the price level.
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