ECO201—Module 2 Terminology
: Define each of the terms below and evaluate the significance of each term to
the topics presented within the textbook.
The total number of adults (16+) who
are willing and able to work and who
are actively looking for work but have
not found a job.
Unemployment rate= (unemployed
labor force) x100
Individuals aged 16+ who either have
jobs or who are looking and available
for jobs; the number of employed plus
the number of employed.
People that are not a part of this is
disabled, institutionalized, pregnant,
military, retired etc.
The quantity of something, measured
at a given point in time-for example,
an inventory of goods or a bank
account. Stocks are defined
independently of time, although they
are assessed at a point in time.
A quantity measured per unit of time;
something that occurs over time, such
as the income you make per week or
per year or the number of individuals
who are fired every month.
An individual in the labor force whose
employment was involuntarily
An individual who has never held a
full-time job lasting two weeks or
longer but is now seeking
Individuals who have stopped looking
for a job because they are convinced
that they will not find a suitable one.
Labor force participation rate
The percentage of non-
individuals who are employed or