Ch 19 - Macroeconomic Objectives: Low unemployment

Relocation

________; incentives to move where skills are required.

Underemployment

________: people who work part time but want full time jobs.

Structural

________: people who lose their jobs because they are no longer needed.

Unemployment

________: people of working age who are without work, available for work, and actively seeking employment.

Frictional

________: people switching jobs.

Keynesian

________: no, if the economy is producing at less than full employment.

Hidden unemployment

________: people who have given up on finding work, overqualified people.

Unemployment

people of working age who are without work, available for work, and actively seeking employment

Hidden unemployment

people who have given up on finding work, overqualified people

Underemployment

people who work part time but want full time jobs

Frictional

people switching jobs

Structural

people who lose their jobs because they are no longer needed

Seasonal

workplaces that only operate seasonally

Cyclical

(demand deficit) weak demand for certain goods

Crowding out

when governments run budget deficits to stimulate an economy and reduce unemployment

Keynesian

no, if the economy is producing at less than full employment

Classical

yes, they are opposed to the use of demand management policies, argue that crowding out is a significant problem of increased government spending