Lesson 1 Flashcards
(26 cards)
What is the definition of the labor market?
The labor market is the arena in which employers seek to hire workers and workers seek to find jobs.
True or False: The labor market only includes formal employment.
False
What term describes the total number of people available for work?
Labor force
Fill in the blank: The __________ is the ratio of the labor force to the total working-age population.
Labor force participation rate
What is meant by ‘unemployment rate’?
The unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment.
Multiple choice: What does ‘underemployment’ refer to? A) Being unemployed B) Working in a job that does not utilize one’s skills C) Working more hours than desired
B) Working in a job that does not utilize one’s skills
What is a ‘job vacancy’?
A job vacancy is an unfilled position that an employer is actively seeking to fill.
True or False: Full employment means that everyone who wants a job has one.
False
What does ‘labor market equilibrium’ refer to?
Labor market equilibrium is the point at which the supply of labor matches the demand for labor.
Fill in the blank: The __________ is the term for the wages paid for a specific job in the market.
Market wage
What is ‘labor mobility’?
Labor mobility refers to the ability of workers to move between jobs, industries, or geographic locations.
Multiple choice: What does ‘seasonal unemployment’ refer to? A) Unemployment due to economic downturns B) Unemployment that occurs at certain times of the year C) Unemployment caused by technological changes
B) Unemployment that occurs at certain times of the year
What is ‘structural unemployment’?
Structural unemployment occurs when there is a mismatch between the skills of the labor force and the needs of employers.
True or False: Cyclical unemployment is directly related to the business cycle.
True
What does ‘labor force participation rate’ measure?
It measures the proportion of the working-age population that is either employed or actively seeking work.
Fill in the blank: __________ refers to the practice of hiring workers from outside a country.
Labor migration
What is ‘wage disparity’?
Wage disparity refers to the difference in wages earned by different groups of workers.
Multiple choice: What is a ‘gig economy’? A) A traditional employment model B) A labor market characterized by short-term contracts and freelance work C) A government-regulated labor market
B) A labor market characterized by short-term contracts and freelance work
What does ‘job security’ refer to?
Job security refers to the assurance that an individual will keep their job without the risk of becoming unemployed.
True or False: Inelastic labor supply means that the quantity of labor supplied does not change significantly with wage changes.
True
What is ‘human capital’?
Human capital refers to the skills, knowledge, and experience possessed by an individual that enhance their value in the labor market.
Fill in the blank: __________ is the term for the practice of providing training to workers to enhance their skills.
Upskilling
What does ‘labor union’ mean?
A labor union is an organization that represents the interests of workers in negotiations with employers.
Multiple choice: Which of the following is a function of labor unions? A) Setting wages B) Providing job training C) Protecting workers’ rights
C) Protecting workers’ rights
