Macro Economics Test 2 Chapter 6

Front 1

All persons over age 16 who are either working for pay or actively seeking paid employment.

Back 1

labor force

Front 2

The percentage of the working age population working or seeking employment

Back 2

labor force participation rate

Front 3

The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology.

Back 3

production possibilities

Front 4

An increase in output; an expansion of production possibilities

Back 4

economic growth

Front 5

the inability of labor force participants to find jobs.

Back 5

unemployment

Front 6

1 percent more unemployment is estimate to equal 2 percent less output.

Back 6

Okun's Law

Front 7

the proportion of the labor force that is unemployed

Back 7

unemployment rate

Front 8

An individual who isn't actively seeking employment but would look for or accept a job if one were available

Back 8

discouraged worker

Front 9

people seeking full time paid employment who work only part time or are emplyed at jobs below their capability

Back 9

underemployment

Front 10

unemployment due to seasonal changes in employment or labor supply

Back 10

seasonal unemployment

Front 11

Brief periods of unemployment experienced by people moving between jobs or into the labor market

Back 11

frictional unemployment

Front 12

unemployment caused by a mismatch between the skills of job seekers and the requirements of available jobs

Back 12

structural unemployment

Front 13

Unemployment attributable to a lack of job vacancies, that is, to an inadequate level of aggregate demand.

Back 13

cyclical unemployment

Front 14

the lowest rate of unemployment compatible with price stability; variously estimated at between 4 percent and 6 percent unemployment.

Back 14

full employment

Front 15

the relocation of production to foreign countries.

Back 15

outsourcing