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Macro28

Unemployment

QuestionAnswer
Employed -Work as paid employees in own personal business. -unpaid workers in family members business. -full time/part time included. - also includes those who are employed but are not working because of illness, bad weather or vacation.
Unemployed -those who are not employed -available for work. -tried to find a job during previous 4 weeks. -includes those who are waiting to be recalled to a job which they have been laid off from.
Not In Labor Force Those who fit neither of these categories, such as full time student, homemaker or retiree.
Unemployment Rate= Number of Employees / Labor Force X 100
Unemployment rate the percentage of the labor force that is unemployed.
Labor Force Participation the percentage of the adult population that is in the labor force.
Labor Force The total number of workers, including both the employed and unemployed.
Labor Force= Number of Employed + Number of Unemployed.
Labor Force Participation Rate= Labor Force / Adult Population X 100
Discouraged Workers Individuals who would like to work but have given up looking for a job.
Frictional Employment Unemployment that results because It takes time for workers to search for the jobs that best suit their tastes and skills.
Structural Unemployment Unemployment that results because the number of jobs available in Some labor markets is insufficient to provide a job for everyone who wants one.
Job Search The process by which workers find appropriate jobs, given their taste and skills.
Unemployment Insurance A government program that partially protects workers' incomes when they become unemployed.
Union A worker association that bargains with employers over wages benefits and working conditions.
Barter The exchange of one good or service for another.
Double Coincidence of Wants Unlikely occurrence that two people each have a good the other wants.
Money Used to buy goods and services from other people.
Medium of Exchange An item buyers give to sellers when they want to purchase goods & services.
Unit of Account Th yardstick people use to post prices and record debts.
Commodity money Takes the form of a commodity with intrinsic value.
Flat Money money without intrinsic value used as money because of a government decree. Example: US Dollar
Money Supply ( Money Stock ) The quality of money available in the economy.
Currency Paper bills and coins in the hands of the (non-bank) public.
Demand Deposit Balance in bank accounts that depositors can have access on demand by writing a check.
Central Bank An institution that oversees the banking system and regulates the money supply.
Monetary Policy The setting of the money supply by policy makers in the central bank.
Federal Reserve Central Bank of the US.
Store of Value An item people can use to transfer purchasing power from the present to the future.
Natural Rate of Unemployment The normal rate of unemployment around which the unemployment rate fluctuates.
Clyclical Unemployment The deviation of unemployment from its natural rate.
Collective Bargaining The process by which unions and firms agree on terms of employment.
Strike An organized withdrawl of labor from a firm by a union.
Efficency Wages Above equalibrium wages paid by firms to increase worker productivity.
Central Bank an institution designed to oversee the banking system and regulate the quanity of money in the economy.
Money Supply The quanity of money available in the economy.
Momentary Policy The setting of the money supply by policymakers in central bank.
Created by: MarciAgee