2. unemployment Flashcards
participation rate formula
laour force/wokring age population times 100
full employment
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 types of unemplyment
strucutral
frictional
seasonal
what can full employment be reffered to
natural rate of unemployment
What is non accelerating inflation rate of unemployment
The lowest level of unemployment at which inflation does not increase; represents a balance where the economy is stable without causing rising inflation.
what is nairu
the lowest level of unemployment that can occur in the economy before inflation starts to increase.