Term
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Definition
| Any person 16 years old or older(1) who works for pay, either for someone else or in his or her own business for 1 or more hours per week, (2) who works with out pay for 15 or more hours per week in a family enterprise, or (3) who has a job but has temporarily absent with/without pay. |
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Term
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Definition
| A person 16 years & older who is not working, is available for for work, and has made specific efforts to find work during the previous four weeks |
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Term
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Definition
| A person who is not looking for work because they do not want a job or has given up looking. |
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Term
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Definition
| The number of people employed plus the number of unemployed |
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Term
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Definition
| The ratio of the nemuber of people unemployed to the total number of people in the labor |
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Term
| Labor Force Participation Rate |
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Definition
| The ratio of labor force to the total population 16 years old or older |
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Definition
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Definition
| Labor Force+ Not In Labor Force |
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Definition
| Unemployed/Employed +Unemployed |
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Term
| Labor Force Participation Rate |
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Definition
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Term
| Discouraged Worker Effect |
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Definition
| The decline in the measure unemployment rate that reults when people who want work but cannot find jobs grow discourgaed and stop looking, thus dropping out of the ranks of the unemployment and the labor force |
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Term
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Definition
| The portion of unemployment that is due to the normal workinh of the labor market: Used to denote short-run job/skill matching problems. |
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Term
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Definition
| The portion of unemployment that is due to changes in the structure of the economy that result in a significant loss of jobs in certain industries. |
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Term
| Natural Rate of Unemployment |
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Definition
| The uneplyment that occurs as the normal part of the functioning of the economy. Sometimes taken as the sum of fricitional unemployment and structual unemployment. |
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Term
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Definition
| The increase in unemplyment that occurs during recessions and depressions. |
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Term
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Definition
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Term
| Consumer Price Index (CPI) |
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Definition
| A price index computed each month by the Bereau of Labor Statistics using a bundle that is meant to represent the "market basket" purchased monthlyby the typical urban consumer. |
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Term
| Producer Price Indexes (PPIs) |
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Definition
| Measures or prices that producers recieve for products at all stages in the production process. |
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Term
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Definition
| The difference between the interest rate on a loanand the inflation rate. |
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Term
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Definition
| The growth rate of the output of the entire economy |
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Term
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Definition
| The growth rate of output per person in the economy |
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Term
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Definition
| The growth rate of output per worker |
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Term
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Definition
| Natural umeplyment that occurs with season shifts in economy. Ex. Gift wrapping services |
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Term
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Definition
| The "real interest rate" is the rate of interest an investor expects to receive after allowing for inflation. It can be described more formally by the Fisher equation, which states that the real interest rate is approximately thenominal interest rate minus the inflation rate |
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Term
True/False
Some unimployment is inevitable. |
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Definition
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