Shared Flashcard Set

Details

1051H Chapter 28
Gregory Mankiw Textbook Definitions. Jeffrey Milyo's Class
17
Economics
Undergraduate 1
11/06/2008

Additional Economics Flashcards

 


 

Cards

Term
labor force
Definition
the total number of workers, including both the employed and the unemployed
Term
labor force =
Definition
number of employed + number of unemployed
Term
unemployment rate
Definition
the percentage of the labor force that is unemployed
Term
unemployment rate =
Definition
(number of unemployed/labor force)*100
Term
labor-force participation rate
Definition
the percentage of the adult population that is in the labor force.
Term
labor-force participation rate =
Definition
(labor force/adult population)*100
Term
natural rate of unemployment
Definition
the normal rate of unemployment around which the unemployment rate fluctuates
Term
cyclical unemployment
Definition
the deviation of unemployment from its natural rate
Term
discouraged workers
Definition
individuals who would like to work but have given up looking for a job
Term
frictional unemployment
Definition
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
Term
structural unemployment
Definition
unemployment that results because the number of jobs available in labor markets is insufficient to provide a job for everyone who wants one.
Term
job search
Definition
the process by which workers find appropriate jobs given their tastes and skills
Term
unemployment insurance
Definition
a government program that partially protects workers' incomes when they become unemployed
Term
union
Definition
a worker association that bargains with employers over wages, benefits, and working conditions
Term
collective bargaining
Definition
the process by which unions and firms agree on the terms of employment
Term
strike
Definition
the organized withdrawal of labor from a firm by a union
Term
efficiency wages
Definition
above-equilibrium wages paid by firms to increase worker productivity
Supporting users have an ad free experience!