Unit 3 part 3 vocab

labor force

people who are 16 or older that are not in the military and work full-time or are looking for one

labor participation rate

percentage of those who could be in the labor force who to are in the labor force

marginally attached workers

people who are available to work and have been looking for the past 12 months but have not looked in the last 4 weeks

discouraged workers

people who are marginally attached to the labor force but think there are no jobs available

involuntary part time workers

workers who are working part time but have the need and want to work full-time employment

frictional unemployment

refers to unemployed individuals who are between jobs

seasonal unemployment

a certain type of frictional employment where people temporarily lose their jobs in different seasons

cyclical employment

people who lose their job due to recession

laid of workers

people who are unemployed but will be re-employed when the economy is better

structural unemployment

people who lose their jobs due to major economic changes

technological unemployment

people lose their jobs because they are replaced by technology

automation

increasing the use of mechanical labor over human labor

human capital

education, skills, and training required to make a successful worker

learning effect

increase education = increased productivity

screening effect

belief that a college degree or other certifications shows an intelligent person and a hard worker

contingent employment

temporary and part-time workers

wage gap

a gap between pay in men and women

glass ceiling

belief that there is a barrier preventing women from progressing in the workforce

guest workers

workers who only work and live in the US temporarily

outsourcing

shifting labor to workers in another country

offshoring

the physical movement of products to foreign facilities

manufacturing vs. service economy

the economy has switched from manufacturing to service economy as they create more products for service

developed economies

high economic growth, low infant mortality rate, long life span

transitional economies

economy in which is changing from centrally planned economy to market economy

developing economies

barely industrialized, heavily relies on agriculture, high infant mortality rates and short life spans.