FINAL EXAM ECONOMIC DEVELOPMENT

is a term referring to individuals who are employable and actively seeking a job but are unable to find a job.

The total number of people employed or seeking employment in a country or region.

is calculated as the percentage of the labor force that is unemployed.

is hunger. is lack of shelter. is being sick and not being able to see a doctor

Higher price for labor leads to higher quantity of labor supplied; a lower price leads to a lower quantity supplied

Cause by technological changes or new methods of production in an industry or business what type of unemployment is this?

Type of voluntary unemployment that arises because of the time needed to match job seekers with job openings.

This unemployment arises due to structural change in dynamic economy and massive mismatch of skills or geographical location

Where more people are engaged in some activity than the number of person required for a job.

Refers to a situation where a number of persons are not able to find a jobs during some months of the year