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Swaleheen Ch 9
Macreconomics Exam 1
| Question | Answer |
|---|---|
| Unemployed | If the individual is available to work but has not actively looked for work the past four weeks. |
| Labor Force | The sum of the employed and unemployed workers in the economy. |
| Unemployment Rate | The percentage of the labor force that is unemployed. |
| Unemployment Rate Equation | # of Unemployed/Labor Force x 100 = UER |
| Discouraged Workers | People who are available for work but have not looked for a job during the previous four weeks because they believe no jobs are available for them. |
| Labor Force Participation Rate | Percentage of the working-age population in the labor force. |
| LFPR Equation | Labor Force/Working Age Population x 100=LFPR |
| Employment Population Ratio | Employment/Working Age Population x 100=EPR |
| Types of Unemployment | Frictional, Structural, Cyclical *Sometimes Seasonal |
| Frictional Unemployment | Short-Term unemployment that arises from the process of matching workers with jobs. |
| Structural Unemployment | Unemployment that arises from a persistent mismatch between skills and attributes of workers and the requirements of jobs. |
| Cyclical Unemployment | Unemployment Caused by a business cycle recession. |
| Full Employment | When the only remaining unemployment is frictional and structural. |
| Natural Rate of Unemployment | The normal rate of unemployment, consisting of frictional unemployment plus structural unemployment. |
| Efficiency Wage | A higher-than-market wage that a firm pays to increase worker productivity. |
| Consumer Price Index (CPI) |
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