Cyclical unemployment refers to the unemployment caused by a downturn in the business cycle. It typically rises during economic recessions and falls when the economy improves.
A deflationary gap is an economic term that describes a situation where the Gross Domestic Product (GDP) is below its full-employment level, leading to unemployed resources and potentially falling prices (deflation).
An economic condition characterized by a significant decrease in business activity, falling prices, reduced purchasing power, excess supply over demand, rising unemployment, accumulating inventories, deflation, plant contraction, public fear, and caution.
Fiscal policy involves the strategic use of government spending and taxation to influence a nation's macroeconomic conditions. It plays a crucial role in managing economic cycles by affecting demand, employment, inflation, and overall economic growth.
The Great Depression was a severe worldwide economic depression that took place during the 1930s, starting in the United States. The timing of the Great Depression varied across nations; in most countries, it started in 1929 and lasted until the late 1930s or early 1940s.
The hard-core unemployed are individuals who either have never had a full-time job or have been unable to find work over an extended period of time. These individuals are typically disadvantaged due to a lack of education and job skills.
Keynesian Economics is a body of economic thought originated by the British economist John Maynard Keynes. Keynes asserted that government should manipulate the level of aggregate demand to address unemployment and inflation.
The labor force encompasses individuals over 16 years of age who are either employed or actively seeking employment, as measured by the U.S. Bureau of Labor Statistics.
Loss of income insurance provides coverage in property insurance for an employee’s lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. Additionally, in health insurance, it compensates for lost income when an insured becomes disabled and cannot work.
A concept in economics representing the rate of unemployment at which the labor market is in equilibrium, and there is no inflationary pressure.
New Economics refers to revisions of Keynesian Economics that emerged in the 1970s, aimed at addressing economic issues inadequately managed by traditional Keynesian approaches.
An empirical relationship between unemployment and gross domestic product (GDP), developed by economist Arthur Okun, which states that for every 1% increase in unemployment, there is a corresponding 2% decrease in the national GDP.
A pauper is an individual who is destitute and dependent on others for support. Often, paupers lack the means to support themselves primarily due to poverty, disability, or lack of employment.
The Phillips Curve is an economic proposition stating that there is an inverse relationship between unemployment and inflation rates within an economy. As inflation increases, unemployment tends to decrease and vice versa.
In Marxist theory, the large number of unemployed whose existence assures that wages will be kept at minimum levels.
Seasonal unemployment is a type of unemployment that occurs predictably and regularly based on the calendar year, typically due to changes in weather, holidays, and other seasonal events that affect the demand for labor in certain industries.
Seasonality refers to the predictable changes or patterns in an economic or financial factor that occur at specific times of the year, which can impact business operations, financial markets, and economic planning.
Severance pay is an income bridge provided by some employers for employees transitioning from employment to unemployment. The amount is negotiable and taxable in the year received.
Structural unemployment is a form of unemployment resulting from industrial reorganization, typically due to technological advancements, rather than fluctuations in supply or demand.
Technological Unemployment refers to the loss of jobs caused by technological changes, as new technologies either eliminate jobs or alter the nature of work such that workers' skills become obsolete.
The unemployed labor force consists of the portion of the population that is not employed but is willing and able to work and is actively seeking employment.
Unemployment is the state of being without paid work, though willing and able to work and actively seeking work. It also refers to the proportion of the labor force that is without paid work.
The term 'work force' or 'labor force' refers to the total number of people who are eligible and willing to work, either currently employed or actively seeking employment. In economic terms, it encompasses both the employed and the unemployed who are looking for jobs, excluding those who are not seeking employment, such as retirees, students, or homemakers.
