ECO201_terms2.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 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. Labor force Individuals (16+) who either have jobs or are looking and available for jobs The number of employed plus the number of unemployed Stock Quantity of something, measured at a given point in time Inventory of goods or a bank account Flow Job Loser New entrant Discouraged workers
Unemployment due to the fact that workers must search for
appropriate job offers

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