ECO 1002: Introduction to Macroeconomics - Unemployment
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These flashcards cover key concepts related to the unemployment topic in macroeconomics, including definitions, calculations, and types of unemployment.
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10 Terms
The formula for GDP is __.
C + I + G + (X − M)
The Unemployment Rate (UR) is calculated as __.
(Unemployed People / Labor Force) × 100%
The total of unemployed and employed individuals is known as the __.
Labor Force
Individuals not currently working or seeking employment, such as students or stay-at-home spouses are classified as __.
Out of the Labor Force
The Labor Force Participation Rate (LFPR) is calculated as __.
(Labor Force / Adult Population) × 100%
A significant issue with the unemployment rate is the lack of distinction between and workers.
full-time and part-time
Cyclical unemployment occurs due to __ in the economy, affecting the demand for labor.
fluctuations
Frictional unemployment arises from __ between jobs.
worker transitions
unemployment results from permanent changes in industries and technologies.
Structural
When the economy is at Full Employment, the unemployment rate is at the __.
Natural Unemployment Rate
Note 
Flashcards (22)