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This set of flashcards covers key concepts related to unemployment and employment from the macroeconomics lecture.
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Unemployment Rate
The percentage of the labor force that is unemployed.
Labor Force
The sum of employed and unemployed workers.
Employment-to-Population Ratio
The percentage of the working-age population who have jobs.
Labor Force Participation Rate
The percentage of the working-age population who are members of the labor force.
Frictional Unemployment
Unemployment that arises from normal labor market turnover.
Structural Unemployment
Unemployment created by changes in technology and foreign competition that change skills or locations of jobs.
Cyclical Unemployment
Higher than normal unemployment at a business cycle trough and lower than normal unemployment at a business cycle peak.
Natural Unemployment
Unemployment that arises from frictions and structural change with no cyclical unemployment.
Full Employment
The situation in which the unemployment rate equals the natural unemployment rate.
Trends in Labor Market Indicators
Labor market indicators that include the unemployment rate, employment-to-population ratio, and labor force participation rate.