Economics Chapter 14 vocab
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| show | The condition of not having a job but being a member of the labor force. To be considered unemployed, a person must be jobless yet actively searching for a job by having searched in the last four weeks.
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| show | The condition of having a job.
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| labor force | show 🗑
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| unemployment rate | show 🗑
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| show | The labor force divided by the working age population.
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| show | The number of employed people divided by the working age population.
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| marginally attached workers | show 🗑
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| "discouraged workers" | show 🗑
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| U1 | show 🗑
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| U2 | show 🗑
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| U3 | show 🗑
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| U4 | show 🗑
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| U5 | show 🗑
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| U6 | show 🗑
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| frictional unemploymnet | show 🗑
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| show | Unemployment that is caused by the permanent destruction of jobs in the dying industry, a mismatch between the skills necessary for employment and the seekers' skill sets, and government programs that create incentives to remain unemployed.
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| show | A term coined by economist Joseph Schumpeter that refers to the ongoing process of technological innovation and industrial decline. The death of an old industry frees up tools for new industries.
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| efficiency wages | show 🗑
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| show | Unemployment associated with downturns in the business cycle. Most economists view cyclical unemployment as harmful and believe that government intervention is necessary to prevent it from occurring.
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| full employment | show 🗑
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| show | The rate of unemployment that exists when there is no cyclical unemployment present in the economy. The natural rate of unemployment is thought to be independent to the inflation rate.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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