Defn: labor ride: the total reckon of workers including both employed and inert.
Defn: Unemployment rate: the percentage of the ride metier that is unemployed.
Defn: Labour Force Participation Rate = Labour Force/ Adult Population
Defn: Discouraged Searchers: people who would like to work unless have given up looking for a job.
Defn: innate(p) Rate of Unemployment: the rate of unemployment to which the economy tends to return to in the prospicient run.
Defn: Cyclical Unemployment Rate: unemployment rate due to short-run sparing factors & forces.
Defn: Frictional Unemployment: unemployment due to the time it takes workers to find jobs suited to their skills.
Defn: structural Unemployment: unemployment rate due to the time it takes to create more jobs in the economy.
Defn: Job Search: the process of searching a job.
Defn: drill Insurance: a govt program that partially protects workers incomes when they become unemployed/
Defn: Union: an association of persons working in a gross area, field, or industry that collectively bargains with employers over such issues as wages, benefits, pensions,etc.
Defn: Collective Bargaining: organized negotiations of a union with an employer.
Defn: postulate: organized withdrawal of labour force from a firm.
IDENTIFYING UNEMPLOYMENT
How is Unemployment measured:
Three categories of adult (15yrs & older): employed
unemployed
not in the labour force
Labour Force = # of employed + # of unemployed
Unemployment Rate =
# of unemployed
X blow%
Labour Force
Labour-Force participation Rate =
Labour Force
X 100%
Adult Population
The Labour-Force Participation Rate tell us the portion of the adult population that has chosen to enter the labour market.
Women have lower labour-force participation rates.
Men and women have analogous unemployment rates.
People (15-24) have higher unemployment rates.
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