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Principles of Macroeconomics- Chp. 8.1
Chapter Eight (Part One)--Definitions
9
Economics
Undergraduate 2
12/04/2011

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Term
Labor Force
Definition
the sum of employed and unemployed workers in the economy
Term
Unemployment Rate
Definition
the percentage of the labor force that is unemployed
Term
Discouraged Workers
Definition
people who are available for work but have not looked for a job during the previous four weeks because they believe no jobs are available for them
Term
Labor Force Participation Rate
Definition
the percentage of the working-age population in the labor force
Term
Frictional Unemployment
Definition
short-term unemployment that arises from the process of matching workers with jobs
Term
Structural Unemployment
Definition
unemployment arising from a persistent mismatch between the skills and attributes of workers and the requirement of jobs
Term
Cyclical Unemployment
Definition
unemployment caused by a business cycle recession
Term
Natural Rate of Unemployment
Definition
the normal rate of unemployment, consisting of frictional unemployment plus structural unemployment
Term
Efficiency Wage
Definition
a higher-than-market wage that a firm pays to increase worker productivity
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