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10 Cards in this Set
- Front
- Back
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Labor force |
Sum of employed and unemployed |
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Labor force participation rate |
The percentage of the population aged 16 or older that is in the labor force |
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Discouraged workers |
Nonworking people who are capable of working but have given up looking for a job due to the state of the job market |
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Marginally attached workers |
Would like to be employed and have looked for a job in the recent past but are not currently looking for work |
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Underemployed |
People who work part time bc they can't find full-time jobs |
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Frictional unemployment |
Unemployment due to the time workers spend in job search |
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Structural unemployment |
Unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the currebt wage rate |
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Efficiency wages |
Wages that employers set above the equilibrium wage rate as an incentive for better employee performance |
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Natural rate of unemployment |
Unemployment rate that arises from the effects of frictional plus structural unemployment |
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Cyclical unemployment |
The deviation of the actual rate of unemployment from the natural rate |
