13.1 Vocabulary

Created by French94 

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Economics

Frictional unemployement

type of unemployment that occurs when people take time to find a job.

Structual unemployment

type of unemployment that occurs when workers skills do not match those needed for the jobs avaliable.

Globalization

the shift from local to global markets as countries seek foreign trade and investment.

Seasonal unemployment

that occurs as a result of harvest schedules, vacations, or when induststries make seasonal shifts in their production schedule.

Cyclical unemployment

unemployment that rises during economic down turns and falls when the economy improves.

Unemployment rate

the percentage of the nations labor that is unemployed

Full employment

the level of employment reached when there is no cycial unemployment

Under employment

working at a job for which one is over qualified or working part- time when full- time work is desired.

Discouraged worker

someone who wants a job but has given up looking

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