Unemployment Flashcards
1
Q
Unemployment=
A
(#of unemployed÷# in the labor force) * 100
2
Q
Labor Force Participation Rate
A
(labor force÷working age population) * 100
3
Q
Discouraged Worker
A
a person of legal employment age is not actively looking for work or someone who does not find employment after a long term of unemployment
4
Q
Frictional
A
due to natural problems in the economy
free will, quitting, fired, business closing, jobs created or destroyed
5
Q
Structural
A
due to change in structural aspect of a job
technology takes a job, skills mismatch, relocation, change in physical structure
6
Q
Seasonal
A
due to seasonal trends
7
Q
Cyclical
A
due to contractions in the economy
(recession= high, expansion=low
8
Q
Full and Natural Employment
A
no cyclical unemployment
