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8 Cards in this Set
- Front
- Back
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natural rate of unemployment
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the amount of unemployment that the economy normally experiences
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cyclical unemployment
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the year-to-year fluctuations in unemployment around its natural rate
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labor force
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the total number of workers, including both the employed and unemployed
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unemployment rate
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the percentage of the labor force that is unemployed
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labor-force participation rate
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the percentage of the adult population that is in the labor force
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discouraged workers
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individuals who would like to work but have given up looking for a job
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frictional unemployment
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unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
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structural unemployment
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unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
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