CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT Flashcards
Active population
Those in work or actively seeking work; also known as the labour force
Activity rate or participation rate
The number of those in work or unemployed divided by the population of working age expressed as a percentage
Cyclical or demand-deficient unemployment
There is insufficient demand in the economy for all works who wish to work at current wage rates to obtain a job
Employed
The number of people in paid work
Employees
Workers employed by another individual or a firm
Employment
Those in paid work
Employment rate
The number of those in work divided by the population of working age expressed as a percentage
Frictional unemployment
When workers are unemployed for short lengths of time between jobs
Full-time workers
Workers who work hours and the days which are the norm for a particular jab.
Hidden employment
Partly those in the population who would take a job if offered, but are not in work and are not currently seeking work; and partly those who are underemployed
Inactive
The number of those not in work and not unemployed
Inactivity rate
The number of those not in work and not unemployed divided by the population of working age expressed as a percentage
Labour force
Those in work or actively seeking work; also known as the active population
Long-term unemployed
In the UK, those unemployed for more than one year
Part time workers
Workers who only work a fraction of the hours and the days which are the norm for a particular job
Population of working age
The total number of people aged between the statutory school leaving age and the state requirement age
Real wage or classical unemployment
When workers are unemployed because real wages are too high and inflexible downwards, leading to insufficient demand for workers from employers
Seasonal unemployment
When workers are unemployed at certain times in a year, such as building workers or agricultural workers in the winter.
Self-employed
Workers who work on their own account and are not employees
Short-term unemployed
In the UK, those unemployed for les than a year
Structural unemployment
When the pattern of demand and production changes leaving workers unemployed in labour markets where demand has shrunk. Examples of structural employment are regional unemployment, sectoral unemployment or technological unemployment.
Underemployed
Those who would work more hours if available or are in jobs which are below their skill level
Unemployed
Those not in work but seeking work
Unemployment
Occurs when individuals are working without a job but are actively seeking work
Unemployment rate
The number of those not in work, but seeking work, Divided by the labour force expressed as a percentage.
