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Description
Flashcards by Yago Gimeno, updated more than 1 year ago
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Created by Yago Gimeno
over 9 years ago
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| Question | Answer |
| What is the Labor Market? | Real/Virtual meeting point where people selling their labor (Employees), negotiate with those who buy it (Employers) |
| What is the Supply in the LM? | - People participating in the Labor Force - Working or looking for work - The active population |
| What is the Labor Force? | Over16 years old & Economically active - Employees - Self-employed - Unemployed and actively looking for work - On a gov-supported employment or training programme - Working unpaid for a family business |
| What is the Demand in the LM? | - Number of employees that organizations need to produce their products |
| What is the active population made of? | - Employed - Unemployed |
| What is the employed population? | Over 16 and working for pay, profit or family gain Or temporarily absent from work but will come back soon |
| What is the unemployed population? | - Over 16 without work - Available to start working withing 2 weeks - Or starting a job in <3 months - Actively having looked for employment in the last 4 weeks |
| What is frictional unemployment? | Unemployment that results from the time it takes for workers to move between jobs |
| What is structural unemployment? | Unemployment arising from the mismatch of skills and job opportunities as the pattern of demand and supply for labor changes in the industry |
| Describe the Activity Rate | (E+U)/Comparable Pop It is the share of population that is economically active |
| Describe the Employment Rate | E/Comparable Pop Percentage of the population that sustains the rest of the population |
| Describe the Unemployment Rate | U/Labor Force Out of those willing to work, how many can't find a job |
| EU goal for the year 2020? | Reach 75% of employed population between the age of 20 & 64 |
| What is the Inactive Population made of? | Pre-school children, school children, students, pensioners... |
| What is the difference between INACTIVE and EMPLOYED population? | - Inactive = Doing work for others without being paid for it --> Housework parents, grandparents taking care of children... - Active = Working for others while being paid for it --> Part of the LM |
| What is the difference between INACTIVE and UNEMPLOYED population? | Inactive people do not attempt to enter the labor market They do not have a job and are not looking for one or not available to work |
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