Chapter 20
Economics 210 with Bueckman at University of Tennessee - Knoxville
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Textbook:
Essentials of EconomicsCreated: 2010-12-03
Size: 30 flashcards
Views: 61
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Produced by Bureau of Labor Statistics
Based on regular survey of 60000households
Based on population 16+
Employed
Unemployed
Not in Labor Force
Paid employees
self employed
unpaid workers in a family business
Percent of the labor force that is unemployed
100(# of unemployed/ labor force)
percent of the adult population that is in the labor force
100(labor force/adult population)
excludes discouraged workers
Does not distinguish between full and part time
Misreports
the deviation of unemployment from its natural rate
associated with business cycles
occurs when workers spend time searching for the jobs that best suit their skills and tastes
usually short term
occurs when there are fewer jobs than workers
usually longer term
result of "sticky wages"
Job Search
Reduces uncertainty over incomes
Gives the unemployed more time to search resulting in better job matches and thus higher productivity
Minimum-wage laws
Unions
Efficiency wages
A worker association that bargains with employers over wages, benefits, and working conditions
Exert market power to negotiate higher wages for workers
A typical union worker earns 20% higher wages and gets more benefits
Firms voluntarily pay above eq'm wages to boost worker productivity
worker health
worker turnover
worker quality
worker effort
About this deck
Textbook:
Essentials of EconomicsCreated: 2010-12-03
Size: 30 flashcards
Views: 61
About StudyBlue
Kathy