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Macro Chapter 7

TermDefinition
unemployment condition occurring when a worker who is not currently employed is searching for a job without success
unemployment rate the percentage of the labor force that is unemployed
creative destruction the introduction of new products and technologies that leads to the end of other industries and 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 and 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; also known as federal jobless benefits
cyclical unemployment unemployment caused by economic downturns
natural rate of unemployment the typical rate of unemployment that occurs when the economy is growing normally
full-employment output the output level produced in an economy when the unemployment rate is equal to the natural rate
labor force those who are already employed or actively seeking work and are part of the work-eligible population
discouraged workers those who are not working, have looked for a job in the past 12 months and 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 the percentage of the work-eligible population that is in the labor force
Created by: v.virgil
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