Chapter 10 Macro
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| Employed | Paid Emloyees, self-employed, workers in a family business, unpaid workers
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| Unemployed | Not working and have looked for work during the previous 4 weeks
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| Not in the labor force | Everyone else; retired, under 16, full-time students/parents, disablilites, unpaid homemaker, volunteer
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| Discouraged workers | People who are unemployed and looking for a job but then give up looking for a job
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| Labor force | employed + unemployed
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| Unemployment rate | # of unemployed divided by labor force
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| Labor force participation rate | labor force divided by adult population; excludes people under 16
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| Natural rate of unemployment | thought to be around 5%
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| Frictional unemployment | -workers in the process of moving from one job to another
-workers' tastes and skills
-job requirements
-short-term for most workers
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| Sectoral shifts | one part of the economy is shrinking and another is growing
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| Policies affecting job search | employment agencies, training programs, and unemployment insurance (Effects: income protection, more time to search = better job matches = greater productivity)
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| Structural unemployment | -not having enough jobs to go around because wage is high
- occurs when wage is above equilibrium
- usually long-term
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| frictional + structural | normal rate of unemployment around which the actual unemployment rate fluctuates
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| Wage is above equilibrium because of... (Structural unemployment) | minimum wage laws, unions, efficiency wages
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| Efficiency wages | firms voluntarily pay above-equilibrium wages to boost worker productivity; worker health, worker turnover, worker equality, worker effort
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| Cyclical unemployment | unemployment associated with the business cycle
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| natural unemployment | the amount of unemployment that exists even when the economy is healthy, due to social or political factors
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| labor union | an organization of workers that negotiates with employers, as a group, over wages and working conditions
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| unemployment insurance | does not help reduce frictional employment
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| If a job is lost and person immediately begins searching for another... | increases unemployment rate and labor-force participation rate is uneffected
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| Wage in excess of their equilibrium level help explain... | both structural unemployment and natural rate of unemployment
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| When unions raise wages in some sectors of the economy, the supply of labor in other sectors of the economy... | increases, reducing wages in industries that are not unionized
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