casual workers
people who work irregularly and are in and out of the job force
cyclical unemployment
unemployment that rises and falls as as a result of the business cycle
discouraged worker
unemployed person who is not currently looking for work because they believe no jobs are available for them or there are no jobs for which they would qualify
frictional unemployment
unemployment of those who have just left their job, those who are coming back into the job market, and those who are in the process of obtaining a job for the first time
full employment
when all in an economy who want a job are able to get a job, that is, all unemployment is cyclical
gig economy
freelance and short term labor situations, often utilizing independent contractors
labor force
the total number of people in a national or regional population who are able and willing to work
labor force participation rate
the proportion of people who are willing and able to work expressed as a percentage of the total population, which includes those who are unwilling or unable to work
labor productivity
the measure of amount of real GDP produced by a unit of labor
natural rate of unemployment
the amount of unemployment that occurs when the economy is producing at potential output
Okun's law
law that states that there is a regular relationship between changes in a country's unemployment rate and changes in its economic growth rate
seasonal unemployment
unemployment that occurs because the need for workers falls at certain times during the year
structural unemployment
unemployment caused by long-term changes in the structure of the economy
technological unemployment
unemployment caused by technological progress, such as mechanization and automation
underemployed
people in the labor force not receiving employment that matches their education or utilizes their skills