CH.6 Flashcard Example #22838

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What is the working-age population?
the total number of people aged 16 years and over who are not in a jail, hospital, or some other form of institutional care or in the US Armed Forces.
What is the Labor force?
the number of people employed plus the number unemployed.
the population survey criteria counts as employed all persons who met what two criterias, during the week before the survey?
– worked at least 1 hour in a paid job or 15 hours unpaid in family business
– were not working but who had jobs from which they were temporarily absent
the population survey criteria counts as unemployed all persons who met what criterias, during the week before the survey?
1. had no employment
2. were available for work

and either:
1. had made efforts to find employment during the previous four weeks, or
2. were waiting to be recalled to a job from which they had been laid off

What are two main labor makret indicators?
the unemployment rate
the labor force participation rate
What is the unemployment rate?
the percentage of people in the labor force who are unemployed.
how do you find the unemployment rate?
(number of people unemployed / Labor force) X100
what is the labor force participation rate?
the percentage of the working-age population who are members of the labor force
how do you find the labor force participation rate?
(labor force / working-age population) X 100
what two types of labors are omitted from the offical definition of unemployment?
– marginally attached workers
– part-time workers
What is a marginally attached worker?
a person who does not have a job, is available and willing to work, has not made specific efforts to find a job within the previous four weeks, but has looked for work sometime in the recent past
What is a discouraged worker?
a marginally attached worker who has not made specific efforts to find a job within the previous four weeks because previous unsuccessful attempts were discouraging
What are full-time workers?
people who usually work 35 hours or more a week.
what are part-time workers?
people who usually work less than 35 hours a week
what are part-time for economic reasons workers?
people who work 1 to 34 hours per week but are looking for full-time work. (also called involuntary part-time workers)
Who are the people under the U-1 measure of unemployment?
unemployed for 15 week or more
Who are the people under the U-2 measure of unemployment?
people laid off or had a temporary job
Who are the people under the U-3 measure of unemployment?
total (official) unemploymet
Who are the people under the U-4 measure of unemployment?
U-3 plus discouraged workers
Who are the people under the U-5 measure of unemployment?
U-4 plus other marginally attached workers
Who are the people under the U-6 measure of unemployment?
U-5 plus part time for economic reasons
why are part-time jobs attracrive to workers?
balance family with work
why are part-time jobs attractive to employers?
benefits are not paid to part-time workers
ledd government regulation of part-time workers
What three categories do we place people who become unemployed?
– job losers, people who are laid off from their jobs
-job leavers, people who voluntarily quit their jobs
-Entrants and reentrants, people who have just left school or who are now looking for a job after a perioud out of the labor force
Who are the people who end a period of unemployment?
– hires- people who have been unemployed and have started new jobs
-recalls- people who have been temporarily laid off and has started work again
– withdrarals – people who have been unemployed and have decided to stop looking for jobs
What are the four types of unemployment?
Frictional unemployment
structural unemployment
seasonal unemployment
Cyclical unemployment
What is Frictional unemployment?
the unemployment that arises from noral labor turnover – from people entering and leaving the labor force and from the ongoing creation and destruction of jobs
What is structural unemployment?
the unemployment that arises when changes in technology or international competition change the skills needed to perform jobs or changed the locations of jobs.
what is seasonal unemployment?
the unemployment that arises because of seasonal weather patterns
What is cyclical unemployment?
the fluctuation unemployment over the business cycle that increases during a recession and decreases during an expansion
When does full employment occur?
when there is no cyclical unemployment or,, equivalently, when all the unemployment is frictional, structural, or seasonal.
What is the natural unemployment rate?
the unemployment rate when the economy is at full employment
at the business cycle trough, cyclical unemployment is __________.
positive
at the business cycle peak, cyclical unemployment is ____________.
negative
what is potential GDP?
the level of real GDP that the economy would produce if it were at full employment
when the unemployment rate is ABOVE the natural unemployment rate, real GDP is _________ potential GDP.
below
when the unemployment rate is BELOW the natural unemployment rate, real GDP is ___________ potential GDP.
above
what is the output gap?
equals real GDP minus potential GDP, expressed as a percentage of potential GDP.
When the unemployment rate is ABOVE the natural rate, real GDP is ________ potentioal GDP and the output gap is _________.
below; negative
When the unemployment rate is BELOW the natural rate, real GDP is ________ potentioal GDP and the output gap is _________.
above; positive
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