Chapter 6 Flashcards
1
Q
The portion of the economy who does not have a job
A
Unemployed
2
Q
Portion of the labor force that actually has a job and is working
A
Labor Force Participation Rate (LFPR)
3
Q
Unemployment that results from people leaving one job to find another; not a long search period
A
Frictional Unemployment
4
Q
Unemployment that results from unions, minimum wage rate, sectoral change; new technology occurs or change in economy
A
Structural Unemployment
5
Q
Unemployment that results from seasonal changes such as holidays, or season change
A
seasonal unemployment
6
Q
Unemployment that occurs from the business cycle and is related to recessions
A
cyclical unemployment
7
Q
Used for calculating Inflation
A
Consumer Price Index
