Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
Unemployment |
when a worker who is not currently employed is searching for a job without success |
|
|
Unemployment rate (u) |
percentage of the labor force that is unemployed |
|
|
Creative destruction |
when the introduction of new products & technologies leads to the end of other industries & jobs |
|
|
Structural unemployment |
unemployment caused by changes in the industrial makeup (structure) of the economy |
|
|
Frictional unemployment |
unemployment caused by delays in matching available jobs & workers |
|
|
Unemployment insurance |
a government program that reduces the hardship of joblessness by guaranteeing that unemployed workers receive a percentage of their former income while unemployed |
|
|
Cyclical unemployment |
unemployment caused by economic downturns |
|
|
Natural rate of unemployment (u*) |
the typical rate of unemployment that occurs when the economy is growing normally |
|
|
Full employment output (Y*) |
the output level produced in an economy when the unemployment rate is equal to its natural rate |
|
|
Labor force |
includes people who are already employed or actively seeking work |
|
|
Discouraged workers |
those who are not working, have looked for a job in the past 12 months & are willing to work, but have not sought employment in the past 4 weeks |
|
|
Underemployed workers |
those who have part-time jobs but who would prefer to work full-time |
|
|
Labor force participation rate |
percentage of the population that is in the labor force |
