Employment and Unemployment Flashcards

Flashcards about employment and unemployment.

Full Employment

Exists when everybody in the labor force, who is willing and able to work, is employed.

Unemployment

All those seeking work at existing wage rates but unable to find work.

Employment Rate

All the people in the labor force who are currently employed; the proportion currently employed.

Frictional Unemployment

People who are between jobs and looking for work.

Seasonal Unemployment

Occurs when some members of the workforce are in employment for only a certain period of the year.

Cyclical Unemployment

Results from reduced demand for goods and services during an economic recession.

Structural Unemployment

Refers to those who become unemployed because their skills are no longer in demand.

Institutional Unemployment

Arises because there are obstacles preventing the mobility of labor.

Systemic Crisis

A crisis that threatens the entire country’s economic system.

Underemployment

A situation whereby a factor of production, though not actually unemployed, is working below their capacity or skill level.

Live Register

Used to provide a monthly series of data on those claiming job seekers allowance

Labour productivity

Measures the output that is produced by a worker per period of time

Balanced Regional Development

Aimed at ensuring that all regions share in the economic growth of the country

Artificial Intelligence (AI)

The intelligence of machines and software.