Ch 19 - Macroeconomic Objectives: Low unemployment
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17 Terms
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Relocation
________; incentives to move where skills are required.
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Underemployment
________: people who work part time but want full time jobs.
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Structural
________: people who lose their jobs because they are no longer needed.
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Unemployment
________: people of working age who are without work, available for work, and actively seeking employment.
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Frictional
________: people switching jobs.
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Keynesian
________: no, if the economy is producing at less than full employment.
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Hidden unemployment
________: people who have given up on finding work, overqualified people.
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Unemployment
people of working age who are without work, available for work, and actively seeking employment
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Hidden unemployment
people who have given up on finding work, overqualified people
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Underemployment
people who work part time but want full time jobs
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Frictional
people switching jobs
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Structural
people who lose their jobs because they are no longer needed
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Seasonal
workplaces that only operate seasonally
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Cyclical
(demand deficit) weak demand for certain goods
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Crowding out
when governments run budget deficits to stimulate an economy and reduce unemployment
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Keynesian
no, if the economy is producing at less than full employment
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Classical
yes, they are opposed to the use of demand management policies, argue that crowding out is a significant problem of increased government spending