Social GA 3.1 Flashcards
(23 cards)
Refers to a nation’s adult population who, legally, may be employed
Working Age Population
Refers to individuals currently holding a job
Employed
Refers to individuals aged 15 years old and above who are not currently working but are available for work and are presently looking for a job
Unemployed
Refers to individuals who are holding a job that does not match their skills, knowledge, or qualifications
Underemployed
Refers to all “economically active” individuals or those who are currently working or presently looking for work
Labor Force
Is a proportion of the working age population that belongs to the labor force
Labor Force Participation Rate
The proportion of the unemployed persons of the total labor force
Unemployment Rate
Refers to unemployment driven by the decrease in aggregate demand for goods and services which leads to a decline in economic growth
Demand Side Unemployment (Demand Deficient Unemployment)
A specific type of demand deficient unemployment. Happens when the demand for goods decreases and companies are forced to lay off workers
Cyclical Unemployment
The opposite of demand deficient unemployment which is the category of unemployment largely driven by the disequilibrium in the labor market
Supply-Side Unemployment
Refers to the situation in which individual are in between jobs
Frictional Unemployment (Search Unemployment)
Is the type of unemployment caused by a job or skills mismatch
Structural Unemployment
Driven by the need to learn new skills
Occupational Structural Unemployment
A type of structural employment linked to mobility issues
Geographical
Automation of previously manual processes
Technological Changes
Type of unemployment that is caused by a rise in real wages
Classical Unemployment
Leads to disequilibrium in which supply of labor is greater than demand
Real Wages Unemployment
Refers to the sum of frictional and structural unemployment
Natural Rate of Unemployment
The unemployment is voluntary
Catallactic Unemployment
All other types of unemployment not considered natural
Institutional Unemployment
Concept wherein inflation and unemployment have a stable and inverse relationship
Phillips Curve
A special case in which there is increasing inflation and rising unemployment is not unheard of. The occurrence of such an episode casts doubt on the validity of the Phillips curve
Stagflation
A special case in which there is increasing inflation and rising unemployment is not unheard of. The occurrence of such an episode casts doubt on the validity of the Phillips curve
Stagflation
