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Swaleheen Ch 9

Macreconomics Exam 1

QuestionAnswer
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)
Created by: KAzetapi
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