Download Economic Terms: Working-age Population, Labor Force, Unemployment, Employment and more Quizzes Introduction to Macroeconomics in PDF only on Docsity!
Working-age Population
The total number of people aged 16 years and over who are not in jail, hospital, or some other form of institutional care or in the US Armed Forces. TERM 2
Labor Force
DEFINITION 2 The number of people employed plus the number unemployed TERM 3
Unemployment Rate
DEFINITION 3 the percentage of the people in the labor force who are unemployed TERM 4
Calculation for Unemployment Rate
DEFINITION 4 (# people unemployed labor force) x 100 TERM 5
Labor force participation
rate
DEFINITION 5 the percentage of the working-age population who are members of the labor force.
Labor force participation rate
CALCULATION
(Labor force Working-age population) x 100 TERM 7
Marginally attached worker
DEFINITION 7 A person who does not have a job, is available and willing to work, has not made specific efforts to find a job within the previous four weeks, but has looked for work sometime in the recent past. TERM 8
Discouraged worker
DEFINITION 8 A marginally attached worker who has not made specific efforts to find a job within the past four weeks because previous unsuccessful attempts to find a job wer discouraging. TERM 9
Full-time
workers
DEFINITION 9 people who usually work 35 hours or more per week TERM 10
Part-time
workers
DEFINITION 10 people who usually work less than 35 hours a week
Full employment
when there is no cyclical unemployment or, equivalently, when all the unemployment is frictional, structural, or seasonal TERM 17
Natural unemployment
rate
DEFINITION 17 The unemployment rate when the economy is a full employment TERM 18
Potential GDP
DEFINITION 18 the value of real GDP when all the economy's factors of production (land, labor, capital, entrepreneurship) are employed TERM 19
Output gap
DEFINITION 19 Real GDP minus potential GDP expressed as a percentage of potential GDP
