Natural Rate of Unemployment Flashcard Example #9440

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voluntary unemployment
unemployment due to people willingly leaving previous jobs and now looking for new ones
involuntary unemployment
unemployment due to people getting laid off or fired from their previous jobs and needing to find work elsewhere.
Natural Rate of Unemployment (long-term)
Unemployment that does not go away on its own even in the long run. Normally experienced amount of unemployment
Cyclical Unemployment
refers to year-to year fluctuations in unemployment around its natural rate
Employed
people who work as paid employees, people owning their own business, people going unpaid in family member’s business, people who are temporarily absent due to illness, vacation or bad weather
Unemployed
Those who have no job but are available to work and tried to find work in the last 4 weeks
not in labor force
people who are neither employed nor unemployed. Full-time students, homemakers, retirees
Labor force
the number employed plus the number unemployed equals the total….
unemployment rate
the number unemployed as a proportion of the total labor force is what rate?
labor-force participation rate
the labor force as a percentage of the total adult population is called…
discouraged workers
people who would like to have jobs but have given up searching. Counted as not in labor force by BLS when they actually should be.
Marginally attached workers
persons who currently are neither working nor looking for work, but indicate that they want and are available for a job and have looked for some work in the recent past
structural unemployment
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
frictional unemployment
unemployment that results from the process of matching workers and jobs
Hysteresis hypothesis
if unemployment increases, then it is likely to remain high for a considerable period.
union
a worker association that bargains with employers over wages and working conditions
collective bargaining
the process by which workers and firms agree on terms of employment
strike
an organized withdrawal from labor in order to protest
efficiency wages
wages above the equilibrium point that make firms efficient. Promotes worker health, quality and effort while reducing turnover.
non-binding minimum wage
a wage below the efficiency point. Doesn’t matter that this is the legally required minimum, it won’t affect unemployment
binding minimum wage
wage above efficiency point. matters that this is the minimum because we have more supply of workers than demand for labor
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