ECO201_terms2 (3).docx - ECO201u2014Module 2 Terminology...

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ECO201—Module 2 Terminology Directions : Define each of the terms below and evaluate the significance of each term to the topics presented within the textbook. Chapter 7 Term Definition Significance Unemployment 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 Labor force 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. Stock 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. Flow 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. Job Loser An individual in the labor force whose employment was involuntarily terminated. New entrant An individual who has never held a full-time job lasting two weeks or longer but is now seeking employment. Discouraged workers 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- institutionalized working-age individuals who are employed or seeking employment.

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