AP Macroeconomics Module 2.03

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9 Terms

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Unemployment Rate

% of total labor force jobless, though looking for a job

<p>% of total labor force jobless, though looking for a job</p>
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Labor Force Participation Rate

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Frictional unemployment

jobless between jobs or when entering job market

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Structural unemployment

jobless from fundamental changes in supply/demand

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Cyclical unemployment

jobless from fluctuations in business cycle (out of season workers, aka tourist guides)

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Transferrable skills

specialized abilities usable in different labor markets

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Natural Rate of unemployment (NRU)

frictional unemployment + structural unemployment

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Full employment

highest level of employment within an economy without an output gap/inflation

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Discouraged workers

person not seeking employment due to thoughts of not being qualified