2. unemployment Flashcards
1
Q
participation rate formula
A
laour force/wokring age population times 100
2
Q
full employment
A
situation in which all available labor resources are being used efficiently, and unemployment is at its natural rate, accounting for frictional and structural unemployment.
3
Q
3 types of unemplyment
A
strucutral
frictional
seasonal
4
Q
what can full employment be reffered to
A
natural rate of unemployment
5
Q
What is non accelerating inflation rate of unemployment
A
The lowest level of unemployment at which inflation does not increase; represents a balance where the economy is stable without causing rising inflation.
6
Q
what is nairu
A
the lowest level of unemployment that can occur in the economy before inflation starts to increase.
