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15 Cards in this Set
- Front
- Back
All persons over age 16 who are either working for pay or actively seeking paid employment.
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labor force
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The percentage of the working age population working or seeking employment
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labor force participation rate
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The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology.
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production possibilities
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An increase in output; an expansion of production possibilities
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economic growth
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the inability of labor force participants to find jobs.
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unemployment
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1 percent more unemployment is estimate to equal 2 percent less output.
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Okun's Law
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the proportion of the labor force that is unemployed
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unemployment rate
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An individual who isn't actively seeking employment but would look for or accept a job if one were available
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discouraged worker
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people seeking full time paid employment who work only part time or are emplyed at jobs below their capability
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underemployment
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unemployment due to seasonal changes in employment or labor supply
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seasonal unemployment
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Brief periods of unemployment experienced by people moving between jobs or into the labor market
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frictional unemployment
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unemployment caused by a mismatch between the skills of job seekers and the requirements of available jobs
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structural unemployment
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Unemployment attributable to a lack of job vacancies, that is, to an inadequate level of aggregate demand.
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cyclical unemployment
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the lowest rate of unemployment compatible with price stability; variously estimated at between 4 percent and 6 percent unemployment.
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full employment
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the relocation of production to foreign countries.
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outsourcing
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