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MacrE Chap 8.1-8.3

terms

QuestionAnswer
Labor force The sum of employed and unemployed workers in the economy.
Unemployment rate The percentage of the labor force that is unemployed.
Discouraged Workers People who are available for work but have not looked for a job during the previous 4 weeks because they believe no jobs are available for them.
Calculation for Unemployment Rate Unemploy. Rate = (No. of unemployed/Labor force) X 100
Labor Force Participation Rate The % of the working-age population that is the labor force.
Calculation for Labor Force Participation Rate Labor Force Participation Rate = (Labor force/Working-age population) X 100
Frictional unemployment Short-term unemployment that arises from the process of matching workers with jobs.
Structural unemployment Unemployment arising from a persistant mismatch between the skills and attributes of workers and the requirements of jobs.
Cyclical unemployment Unemployment caused by a business cycle recession.
Natural rate of unemployment The normal rate of unemployment, consisting of frictional unemployment + structural unemployment
Efficiency Wage A higher-than-market wage that a firm pays to increase worker productivity.
Created by: ace100
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