ECON 114 CHAPTER 9 – UNEMPLOYMENT AND ITS NATURAL RATE Flashcard Example #38514

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Labour force
Total number of workers, including both employed and unemployed
Unemployment rate
Percentage of labour force that is unemployed
Labour force participation rate
Percentage of adult population that is in the labour force.
Natural rate of unemployment
Rate of unemployment to which the economy tends to return in the long run.
Cyclical unemployment
Deviation of unemployment from its natural rate.
Frictional unemployment
Unemployment that results because it takes time for workers to search for the job that best suit their tastes and skills.
Structural unemployment
Unemployment that results because the number of jobs available in some labour markets is insufficient to provide for everyone who wants one.
Employment insurance
Government program that partially protects workers’ incomes when they become unemployed.
Collective bargaining
Process by which unions and firms agree on the terms of employment
Union
A worker association that bargains with employers over wages and working conditions.
Strike
The organized withdrawal of labour from a firm by a union.
Efficiency wages
Above-equilibrium wages paid by firms in order to increase worker productivity. Reasons include: Health, low turnover, Effort, and Quality.
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