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17 Cards in this Set
- Front
- Back
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Bureau of Labor Statistics
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in the U.S., the government agency that compiles and publishes employment and unemployment statistics
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employed person
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a person who did any work for pay or profit during the week before they are surveyed by the BLS or who worked 15 hours or more in a family business
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unemployed person
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a person who isn't employed, but who is actively seeking a job and who is immediately available for work
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labor force
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the made up of people who are employed or unemployed
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"not in the labor force"
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the classification given to people who are neither "employed" nor "unemployed"
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unemployment rate
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the percentage of the labor force made up of people who don't have paid jobs, but who are immediately available and actively looking for paid jobs
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discouraged workers
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people who desire and are available for a job, but give discouragement as the reason for no longer looking for a job
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underemployment
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working fewer hours than desired, and/or at a job that doesn't utilize one's skills
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frictional unemployment
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unemployment that arises as people are in transition between jobs
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structural unemployment
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unemployment that arises because people's experience, education, and/or location do not match what employers need
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cyclical unemployment
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unemployment caused by a drop in aggregate demand
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recession
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traditionally defined as occurring when GDP falls for two consecutive calendar quarters, now "officially" marked by the National Bureau of Economic research
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"sticky wage" theories
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theories about why wages may stay at above-equilibrium levels, despite the existence of a labor surplus
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insider-outsider theory
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the theory that "insider" workers who are already employed may have the power to prevent "outsider" workers from competing with them and lowering their wages
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efficiency wage theory
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the theory that an employer can motivate workers to put forth more effort by paying them somewhat more than what they could get elsewhere
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"natural" rate of unemployment
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the rate of unemployment that would prevail in the absence of business cycles, according to some theories
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non-accelerating inflation rate of unemployment
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that can be sustained without causing rapidly rising inflation
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