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9 terms

13.1 Vocabulary

Economics
STUDY
PLAY
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