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Unemployment- Labor
| Question | Answer |
|---|---|
| How do they measure U/E in the US? | The Bureau of Census conducts a survey |
| How many people are surveyed in the U/E measurement? | 60,000 |
| Who qualififies to be surveyd for the U/E measurement? | Over age 16 and non-institutionalized |
| Employed people include: | People employed for a firm/ govt; S/E; People not working b/c of illness, weather, labor diputes, vacations |
| Employment Population Ratio | (employment/ non-institiutionalized population) x 100 |
| Unemployed people include: | People who engaged in job seeking activity in the past 4 wks; Peopl who were waiting for a call back from temp layoff; People who would be looking for work but they were temp ill |
| Labor Force= | Employment + Unemployment |
| Unemployment Rate %= | (Unemployment/Labor Force) x 100 |
| Problem #1 w/ U/E rate calculation | Part-time workers are counted as full employed |
| Problem #2 w/ U/E rate calculation | Some workers have become discouraged |
| Problem #3 w/ U/E rate calculation | Some people are subemployed, they are forced to take jobs paying less than what they are qualified to receive |
| Conclusion from problems w/ U/E Rate calculation | The true extent of economic hardship in the nation may be overstated by the official U/E rate |
| Fictional Unemployment | People who are u/e because of quitting, job switch, new/re-entrants to job market |
| Search U/E- what is it & type | Created by indiv searching for the best job offer and firms searching for workers to fill openings..frictional u/e |
| Wait U/e- What is it & type | Efficiency wages may attract workers to wait for job openings (temp layoffs & unions)..frictional u/e |
| Structural Unemployment | U/E due to the mismatch between the skills required for avail. job openings and the skills possessed by those seeking work |
| Displaced workers- what it means & type of u/e | Indiv. who had lost their jobs specifically b/c of permanent plant closing or job cutbacks |
| Rigid Wage Model- what question does it answer | Why are wages relatively inflexible downward? |
| Rigid Wage Model- reason #1 | Unions prefer layoffs b/c then only a small % of workers are affected, rather than a temp wage cut for all |
| Rigid Wage Model- reason #2 | Firms have bias towards layoffs because they are afraid wage cut with cause high skilled workers to quit |
| Rigid Wage Model- reason #3 | Implicit contracts with workers |
| Rigid Wage Model- reason #4 | Insider/Outside Theories- the outsiders (the unemployed) are unwilling/able to bring down the wage rate |
Created by:
cfrit312
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