Term
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Definition
Any person 16 years or older who:
1. Works for pay for 1 or more hours a week
2. Who works for 15 or more hours a week for a family enterprise
3. Who has had a job but has been temporarily absent with or without pay
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Term
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Definition
| A person 16 years or older who is not looking for work because he/she does not want a job or has given up. |
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Term
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Definition
| A person who is not looking for work because he/she isnt looking for work or he/she has given up. |
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Term
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Definition
| Labor force= employed + unemployed |
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Term
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Definition
| Labor force + not in labor force |
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Term
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Definition
Unemployed
______________
employed + unemployed |
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Term
| Labor force participation rate |
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Definition
Labor force
____________
Population |
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Term
| Discouraged-worker effect |
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Definition
| The delcine in the measured unemployment rate that results when people who want to worj but cannot find jobs grow discouraged and stop looking, thus dropping out of the ranks of the unemployed and the labor force. |
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Term
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Definition
| The portion of unemployment that is due to the normal turnover in 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 unemployment rate that occurs as a normal part of the functioning of the economy.
Real words:
Our capitalist economy will always have some percentage of unemployment |
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Term
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Definition
| Unemployment that is above frictional plus structural unemployment |
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Term
| Consumer price index (CPI) |
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Definition
| A price index computed each month by the Bureau of Labor Statistics using a buncle that is meant to represent the "market basket" purchased montly by the typical urban consumer |
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Term
| Producer price indexes (PPIs) |
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Definition
| Measures of prices that producers recieve for products at various stages in the production process. |
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Term
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Definition
| The difference between the interest rate on a loan and 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
| Labor productivity or productivity |
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Definition
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