CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT Flashcards Preview

EDEXCEL THEME 2 MACRO ECONOMICS > CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT > Flashcards

Flashcards in CHAPTER 35 EMPLOYMENT AND UNEMPLOYMENT Deck (25)
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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 the population of working age expressed as a percentage

3
Q

Cyclical or demand-deficient unemployment

A

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

4
Q

Employed

A

The number of people in paid work

5
Q

Employees

A

Workers employed by another individual or a firm

6
Q

Employment

A

Those in paid work

7
Q

Employment rate

A

The number of those in work divided by the population of working age expressed as a percentage

8
Q

Frictional unemployment

A

When workers are unemployed for short lengths of time between jobs

9
Q

Full-time workers

A

Workers who work hours and the days which are the norm for a particular jab.

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

The 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; also known as the active population

14
Q

Long-term unemployed

A

In the UK, those unemployed for more than one year

15
Q

Part time workers

A

Workers who only work a fraction of the hours and the 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 requirement age

17
Q

Real wage or classical unemployment

A

When workers are unemployed because real wages are too high and inflexible downwards, leading to insufficient demand for workers from employers

18
Q

Seasonal unemployment

A

When workers are unemployed at certain times in a year, such as building workers or agricultural workers in the winter.

19
Q

Self-employed

A

Workers who work on their own account and are not employees

20
Q

Short-term unemployed

A

In the UK, those unemployed for les than a year

21
Q

Structural unemployment

A

When the pattern of demand and production changes leaving workers unemployed in labour markets where demand has shrunk. Examples of structural employment are regional unemployment, sectoral unemployment or technological unemployment.

22
Q

Underemployed

A

Those who would work more hours if available or are in jobs which are below their skill level

23
Q

Unemployed

A

Those not in work but seeking work

24
Q

Unemployment

A

Occurs when individuals are working without a job but are actively seeking work

25
Q

Unemployment rate

A

The number of those not in work, but seeking work, Divided by the labour force expressed as a percentage.