unit 2

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19 Terms

1

labor force

all employed and unemployed workers who are willing and able to work

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2

unemployed persons

those willing and able to work and who are loooking for work but who did not recieve any wages during the survey week.

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3

employed persons

those who worked in the survey week for wages for an hour or more. also, those in family busiiness who worked 15 or more hours without wages. (16+)

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4

discouraged worker

one who has given up looking for work because the state of the economy is poor.

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5

marginally attached worker

one who has stopped looking for work, but not because they couldn’t find a job or because of the state of the economy.

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6

calculating unemployment rate

#unemployment/labor force x 100

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7

calculating employment rate

#employed/labor force x 100

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8

calculating labor participation rate

#labor force/eligible population

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9

eligable population

non-institutionalized, civilian, and 16 years of age or older

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10

jobless claims

the number of people who file for unemployment benefits in a given week.

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11

natural rate of unemployment

structural + frictional unemployment. not counting cyclical unemployment.

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12

types of unemployment

structural, cyclical, and frictional

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13

part time employment

although there are varying definitions regarding part-time employment, the rule of thumb is someone working less than 40 in a workweek.

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14

underemployment

those working beneath their skill level or work part-time but seek full employment.

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15

temporarily without work

are those people who in previous workweek did not collect pay, but who are expected to return to work in the same place of employment in a short period of time.

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16

unemployment compensation

temporary payments made to those who have lost their job due to economic conditions.

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17

cylical unemployment

unemployment that results from changes in the economy or the business cycle.

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18

structural unemployment

changes in the structure of the labor force make some skills obsolete. the individual does not have transferable skills and/or the jobs may never come back.

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19

frictional unemployment

an individual is temporarily unemployed or between jobs. the individual is qualified and has transferable skills but is not working because the individual is a new entrant to the labor market or has recently quit to find another job.

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