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15 Cards in this Set

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All persons over age 16 who are either working for pay or actively seeking paid employment.
labor force
The percentage of the working age population working or seeking employment
labor force participation rate
The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology.
production possibilities
An increase in output; an expansion of production possibilities
economic growth
the inability of labor force participants to find jobs.
unemployment
1 percent more unemployment is estimate to equal 2 percent less output.
Okun's Law
the proportion of the labor force that is unemployed
unemployment rate
An individual who isn't actively seeking employment but would look for or accept a job if one were available
discouraged worker
people seeking full time paid employment who work only part time or are emplyed at jobs below their capability
underemployment
unemployment due to seasonal changes in employment or labor supply
seasonal unemployment
Brief periods of unemployment experienced by people moving between jobs or into the labor market
frictional unemployment
unemployment caused by a mismatch between the skills of job seekers and the requirements of available jobs
structural unemployment
Unemployment attributable to a lack of job vacancies, that is, to an inadequate level of aggregate demand.
cyclical unemployment
the lowest rate of unemployment compatible with price stability; variously estimated at between 4 percent and 6 percent unemployment.
full employment
the relocation of production to foreign countries.
outsourcing