4.5 Unemployment Flashcards
Define the term “Unemployment”
The state of being wiling and able to work but having no job
Define the term “Homeworkers”
People who look after the household of their own family.
Define the term “Economically inactive”
People who are not in the labor force.
Define the term “labor force”
The employed and unemployed labor.
Define the term “labor force participation rate”
The proportion of the population that are of working age and are either working or seeking for work.
Define the term “level of unemployment”
The number of workers who are unemployed.
Define the term “unemployment rate”
Unemployed workers as a percentage of the labor force.
Define the term “discouraged workers”
Workers who would like a job but are tired and discouraged after searching for one for a period of time.
Define the term “Claimant count measure”
A measure of unemployment based on those claiming unemployment benefits.
Define the term “Labor force survey measure”
A measure of unemployment based on a survey that identifies people who are actively seeking for a job.
Define the term “Sampling error”
The people being surveyed having different characteristics or experience to the rest of the population.
Define the term “Frictional unemployment”
Unemployment that takes place when workers are in between jobs.
Define the term “Voluntary unemployment”
Unemployment resulting from the unemployed choosing not to accept certain jobs at a certain wage rate.
Define the term “Search unemployment”
Unemployment that occurs when a person takes their time searching for a job they are willing to accept.
Define the term “Casual unemployment”
Unemployment that occurs when people left one short term job and before they take up another short term job.
