CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT Flashcards Preview

Macro Econ 1 > CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT > Flashcards

Flashcards in CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT Deck (19)
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1
Q

Active population

A

Those in work or actively seeking work; also known as the labour force

2
Q

Activity rate or participation rate

A

The number of those in work or unemployed divided by population of working age as a percentage

3
Q

Cyclical or demand-deficient unemployment

A

There is insufficient demand in the economy for workers who wish to work at current wage rates to obtain a job

4
Q

Employed

A

number of people in paid work

5
Q

Employees

A

Workers employed by another individual or firm

6
Q

employment

A

those in paid work

7
Q

Employment rate

A

Number of those in work divided by population of working age expressed as a percentage

8
Q

Frictional unemployment

A

When workers are unemployed for a short period of time between jobs

9
Q

Full-time workers

A

Workers who work the hours and days that are normal for particular job

10
Q

Hidden employment

A

Partly those in the population who would take a job if offered, but are not in work and are not currently seeking work; and partly those who are underemployed

11
Q

Inactive

A

Number of those not in work and not unemployed

12
Q

Inactivity rate

A

The number of those not in work and not unemployed divided by the population of working age expressed as a percentage

13
Q

Labour force

A

Those in work or actively seeking work

14
Q

Long-term unemployed

A

In UK, those unemployed for more than a year

15
Q

Part time workers

A

Workers who only work a fraction of the hours and days which are the norm for a particular job

16
Q

Population of working age

A

The total number of people aged between the statutory school leaving age and the state retirement age

17
Q

Real wage or classical unemployment

A

occurs when wages are set above the equilibrium level causing the supply of labour to be greater than demand.

18
Q

Seasonal unemployment

A

occurs when people are unemployed at particular times of the year when demand for labour is lower than usual.

19
Q

Structural unemployment

A

Those workers who are unemployed due to permanent shifts in how the economy works, often driven by processes like technological change.