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unemployment - Chap 21 Chapter Unemployment How measured By...

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Chap 21 Chapter Unemployment How measured ? By BLS. collected DATA .. From regular survey of about 60000hh. Called current population survey. 3 categories : Employed { own bus, paid employees, unpaid worker in Family business. On vacation, illness…) unemployment :not employed.. available for work, not have jb for 4 w. waiting to be called to a job ,,,, laid off.. not in labor forces: not employed and unemployed LABOR FORCE : total nO of workers : employed and unemployed. Unemployment rate Percentage of labor force ..is unemployed=No unemployed/ labor force x 100 Labor force participation rate : rate is percentage of adult population ..in labor force = labor force/ adult population 100 Natural rate of unemployment : nominal rate of unemployment around which the unemployment rate fluctuation. Cylical unemployment : deviation of unemployment form its natural rate Frictional unemployment : unemployment b/c it take time for worker to search for right jobs Structural unemployment : Number of jobs available cant supply for every woker. Sectoral shift : change in composition of D among industries or regions Government run employment agencies : give out information about job vacancies to match worker + jobs
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Public training program : ease transition of worker from declining to growing industries and to help disadvantaged group escapes poverty Unemployment insurance : the amount of search unemployment . search efforts of unemployed . chance for Wokers match with right jobs Minimum wage laws : > equilibrium level, that balance S&D ..+> Unem.. Minimum wage laws protect least skilled and least experienced member : Union : Worker association that bargain with employer over wages an benefit and working condition .
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