Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
What is Unemployment?
|
a person must be of legal age, be capable of working, and be willing to work, and be actively looking for a job.
|
|
|
What is the labor force ?
|
Employed+Unemployed
|
|
|
What is the Labor force participation rate?
|
Employed+Unemployed
____________________ x 100 Population |
|
|
Frictional Unemployment
|
A brief time period of unemployment which is caused by either a) new job searcher or b) waiting for a job or company to call you or c) between jobs or looking for better job
|
|
|
Structural Unemployment
|
Unemployment caused by a change in the structure or method of production or technology in a company. Mismatch between the present qualifications of employee and new job requirements. May be rehired if they can adapt to changes.
|
|
|
What is Unemployment?
|
a person must be of legal age, be capable of working, and be willing to work, and be actively looking for a job.
|
|
|
What is the labor force ?
|
Employed+Unemployed
|
|
|
What is the Labor force participation rate?
|
Employed+Unemployed
____________________ x 100 Population |
|
|
Frictional Unemployment
|
A brief time period of unemployment which is caused by either a) new job searcher or b) waiting for a job or company to call you or c) between jobs or looking for better job
|
|
|
Structural Unemployment
|
Unemployment caused by a change in the structure or method of production or technology in a company. Mismatch between the present qualifications of employee and new job requirements. May be rehired if they can adapt to changes.
|
|
|
Cyclical Unemployment
|
The real type of unemployment-it lasts longer, sometimes for 1-2 years or more. The cause being when the economy is facing a recession, and producers produce less, as a result producers lay off employees. If the governments efforts are such that boost the economy or employment, then this type can be wiped out.
|
|
|
Seasonal Unemployment
|
when you are hired and then laid off after you are no longer needed…example: Christmas calls for companies to boost employment, but after the shopping season is over, seasonal employees are laid off.
|
|
|
Underemployment
|
when you are working a job that is under your qualification level. Also can be part time employment, when you can only obtain a certain amount of hours from a job and you are willing to work more.
|
|
|
Rate of unemployment=
|
Unemployed
___________ x 100 Labor force |
|
|
Natural rate of unemployment =
|
Frictional+Structural
_____________________ x 100 Labor force |
|
|
Okun's Law states that:
|
1% increase in unemployment decreases the output by the economy by 2%
|
|
|
GDP (gross domestic products)
what is it and how do we calculate it? |
Goods and services, tangible or non tangible.
Using the expenditure method GDP=C+IG+G(X-M) |
