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Cards In This Set
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Unemployment rate
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% of labor force that is jobless and actively looking for work
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Underemployed
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Part-time workers who want to work full-time or people working below their skill lv
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Full employment
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No unemployment caused by Decreased economic activity decreased economic activity
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Frictional unemployment
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Temporary unemployment of ppl changing jobs
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Seasonal unemployment
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Unemployment linked to seasonal work
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Structural unemployment
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When jobs exist but X match the skills of available workers
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Cylical unemployment
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Unemployment caused by a part of the business cycle with decreased economic activity
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Poverty
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Condition where a person’s income & resources X allow him or her to achive a minimum standard of living
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Poverty threshold
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The min income needed to pay for the basic expenses of living
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Poverty rate
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% of ppl living in households that have income below the poverty threshold
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Income distribution
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The way income is divided among people
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Income inequality
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The unequal distribution of income
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Lorenz curve
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Curve that shows the degree of income inequality in a nation
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Welfare
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Gov economic and social programs that provide assistance to the needy
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Workfare
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A program that requires welfare recipients to do some kind of work
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