Ordnerverwaltung für Macroeconomics - CH23 Unemployment and Inflation
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The unemployment rate is an indicator of
overall labor market conditions
an exact, literal measure of the percentage of people unable to find jobs
During periods of economic expansion the unemployment rate usually
A period in which real GDP is growoing at a bleow-average rate and unemployment is rising is called a __________ or a __________.
jobless recovery or a growth recession
Explain the term job separation
terermination of employment that occurs because a worker is either fired or quits voluntarily.
Explain the term frictional unemployment
Frictional unemployment is unemployment due to the time workers spend in job search. It's basically the time between two jobs, when while the workers is not employed. A certain amount of frictional unemployment is inevitable due to the constant process of economic change.
Why coult a certain amount of frictional employment be a good thing in the economy?
Because the economy is more productive if workers take the time to find jobs that are well matched to their skills, and workers who are unemployed for a brief period while searching for the right job don’t experience great hardship.
Structural unemployment is unemployment that results when there are more people seeking jobs in a particular labor market than there are jobs available at the current wage rate.
Explain the term collective bargaining
Collective bargaining is a process of negotiation between epmployer and labor unions. Labor unions exercise bargaining power by threatening firms with a labor strike, a collective refusal of work. Unions also bargain over benefits, such as health care and pensions, which we can think of as additional wage.