| A | B |
|---|
| unemployed | people available for work who made a specific effort to find a job during the past month and who worked less than 1 hour for pay or profit. |
| unemployment rate | number of unemployed individuals divided by the total number of persons in the civilian labor force |
| frictional unemployment | unemployed because they are inbetween jobs |
| structural unemployment | unemployed because a change in the economy reduces the demand for workers and their skills |
| cyclical unemployment | unemployment directly related to swings in the business cycle |
| seasonal unemployment | unemployed resulting from changes in weather or changes in demand for certain weather related product |
| technological unemployment | when machines and equipment replace jobs that were done by people before |
| automation | production with mechanical or other processes that reduce the need for workers |
| full employment | does NOT mean zero percent unemployment!! |
| poverty | families whose incomes fall below certain levels |
| welfare | economic and social programs that aid the poor |
| Education | puts people in a better position to get higher paying jobs |
| food stamps | government issued coupons that can be redeemed for food |
| workfare | a program that requires welfare recipients to exchange some of their labor for benefits |
| negative income tax | a type of tax that would make cash payments to certain groups below the poverty line |
| income gap | spread of income distribution between rich and poor |
| poverty line | annual dollar amounts used to evaluate what constitutes poverty |
| monopoly power | when unions and/or other groups hold power to obtain higher wages for their members |
| social services | programs that help the needy |
