Unemployment Flashcards
Claimant Count
A measure of the number of people claiming unemployment benefits
Labour Force
Total number of workers, including both the employed and unemployed
Unemployment Rate
The percentage of the labour force that is unemployed
Natural Unemployment
The rate of unemployment, around which the unemployment fluctuates.
Cyclical Unemployment
The deviation of unemployment from it’s natural rate
Discouraged Workers
People who have been looking for work but have stopped as they feel their is not suitable jobs
Underemployed
Workers who would like to find full time jobs but are currently working part time
Frictional Unemployment
Unemployment that results because it takes time for workers to search for the jobs that best suit their skills
Structural Unemployment
Unemployment that results because the number of jobs available in some labour markets is insufficient to provide a job for everyone who wants one
Collective Bargaining
The process by which unions and firms agree on the terms of employment
