chapter 5 - shit I really need to work on Flashcards
unemployment rate meaning
The amount of unemployment is an indicator of the extent to which people who want jobs can’t find them
why is unemployment an issue?
Lost incomes and production
Lost human capital
people in the labour force are either -
employed or unemployed
what are the 4 things that indicate the state of the market?
The unemployment rate
The involuntary part-time rate
The labour force participation rate
The employment rate
involuntary part-time rate meaning?
percentage of the people in the labour force who work part time but want full-time jobs.
labour force participation rate
the percentage of the working-age population who are members of the labour force (employed or unemployed)
the employment rate is defined as
percentage of people with jobs
“from being in school to finding a job, to working, perhaps to becoming unhappy with a job and looking for a new one, and finally, to retiring from full-time work.” is an example of
frictional unemployment
the unemployment that is related to the business cycle is called
cyclical unemployment
natural unemloyment is all the unemployment from__ and not from __
frictional and structural and not cyclical
who is considered unemployed
an adult who is actively looking for work
who is not considered in the labour force?
an inmate, a young girl, a retiree
full employment is defined as
unemployment rate equals the natural unemployment rate
the quantity of real gdp at full employment is the
potential gdp
the gap between the real gdp and potential gdp is called the
output gap
