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Macroeconomics Ch 6: Unemployment

labor force
all persons age 16 and over who are either working for pay or actively seeking paid employment
labor-force participation rate
the percentage of the working-age population working or seeking employment
unemployment
the inability of labor-force participants to find jobs
Okun’s Law
1 percent more unemployment results in 2 percent less output
unemployment rate
the proportion of the labor force that is unemployed
discouraged workers
People who are available for work but have given up seasrching for work because they believe no jobs are available for them
underemployment
people seeking full-time paid employment who work only part-time or are employed at jobs below their capacity
seasonal unemployment
unemployment due to seasonal changes an employment or labor supply
frictional unemployment
brief periods of unemployment experienced by people moving between jobs or into the labor market
structural unemployment
unemployment caused by a mismatch between the skills (or location) of job seekers and the requirements (or location) of available jobs
cyclical unemployment
unemployment attributable to a lack of job vacancies, that is, to an inadequate level of aggregate demand
full employment
the lowest rate of unemployment compatible with price stability; variously estimated at between 4% and 6% unemployment
outsourcing
the practice of a company having its work done by another in a foreign country
offshoring
the practice of work for a company performed by the company’s employees located in

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a foreign country
GDP Gap
the difference between actual real GDP and full-employment real GDP
business cycle
alternating periods of economic growth and contraction, which can be measured by changes in real GDP
peak
the phase of the business cycle in which real GDP reaches its maximum after rising during a recovery
recession
a downturn in the business cycle during which real GDP declines and the unemploment rate also rises (also called a contraction)
trough
the phase of the business cycle in which real GDP reaches its minimum after falling during a recession
expansion
an upturn in the business cycle during which real GDP rises (also called a recovery)
economic growth
an expansion in national output measured by the annual percentage increase in a nation’s real GDP
leading indicators
variables that change before real GDP changes
coincident indicators
economic indicators that usually change at the same time as changes in overall business activity
lagging indicators
variables that change after real GDP changes

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