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17 Cards in this Set

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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)