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Types of equilibrium unemployment: sākt mācīties
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frictional, structural, natural, NAIRU
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sākt mācīties
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Non-accelerating inflation rate of unemployment
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Types of disequilibrium unemployment: sākt mācīties
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classical (neoclassical), cyclical (Keynesian)
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Frictional (search) unemployment occurs when people sākt mācīties
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leave their jobs and are unemployed for a period of time while they are looking for a new job
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Frictional (search) unemployment occurs as a result of sākt mācīties
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imperfect information the labour market
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when Frictional (search) unemployment occurs sākt mācīties
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it takes time for workers to find jobs even though there are vacancies
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Types of theories of unemployment: sākt mācīties
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Neoclassical, Keynesian, Job Search, Natural rate of unemployment, NAIRU, Beveridge curve
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sākt mācīties
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diverse in character or content
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Job offers are heterogenous in terms of sākt mācīties
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wage levels and skill requirements by employers
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Job seekers are heterogenous in terms of sākt mācīties
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skills possessed and wage aspirations- reservation wages
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What is a reservation wage sākt mācīties
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the lowest wage rate at which a worker would be willing to accept a particular type of job
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Frictional unemployment can be reduced if sākt mācīties
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the duration of matching is reduced
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sākt mācīties
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the number of job offers considered by a job seeker
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The higher the wage aspirations, sākt mācīties
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the higher reservation wage
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The model of the reservation wage explains the importance of sākt mācīties
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the reservation wage and the level of skills for job search
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The model of the reservation wage explains how sākt mācīties
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the level of reservation wage and skills impact the chances to find jobs
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The model of the reservation wage indicates sākt mācīties
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how the unemployed behave in the process of job search
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list of markets in the economy: sākt mācīties
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goods market, money (monetary) market, capital market, investment market, land market, labour market
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Labour market- definition: sākt mācīties
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a place where buyers and sellers of labour come together to determine the pricing and quantity of labour services contracted; a place where labour services are sold and bought
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Economic units in the labour market: sākt mācīties
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employees, employers, unemployed, trade unions, employers unions, labour offices
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different types of the labour market (geographical dimensions): sākt mācīties
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national, regional, local
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2 most essential features of the labour market: sākt mācīties
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heterogeneity of labour services, mobility of labour
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heterogeneity of the labour services means people sākt mācīties
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differ in terms of their skills, motivations, and willingness to take risks
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heterogeneity of the labour services means employers sākt mācīties
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look for employees with certain skills and occupations
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sākt mācīties
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ability and readiness of people to change their position in the labour market (by changing their skills, places of work, occupations, places of residence)
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sākt mācīties
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links between different labour markets (people move from one labour market to another)
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sākt mācīties
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occupational, educational, skill, spatial
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The pecuniary rewrds from selling labour supply are sākt mācīties
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wages and salaries; fringe benefits (employer provided health insurance, e
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The non-pecuniary rewards from selling labour supply are sākt mācīties
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a pleasant and safe working environment
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sākt mācīties
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relating to or consisting of money
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sākt mācīties
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the amount of money paid to the workers in current dollars
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sākt mācīties
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nominal wages divided by some measure of prices
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the labour supply curve depicts sākt mācīties
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an amount of labour which individuals are willing to supply
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The labour demand curve depicts sākt mācīties
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an ammount of labour which an individual firm or a group of firms is willing to hire
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Theory of marginal productivity sākt mācīties
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as more of variable factor of production is used in conjunction with a fixed factor of production- the output of each successive unit of the variable factor will diminish
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The total population is comprised of sākt mācīties
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the working age population and the non working age population
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The working age population is comprised of sākt mācīties
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the economically active and the economically inactive
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The economically active are comprised of sākt mācīties
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the employed and the unemployed
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The labour supply consists of sākt mācīties
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the economically active, or the employed and the unemployed
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The labour demand consists of sākt mācīties
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the employed and the open vacancies
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sākt mācīties
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labour supply and labour demand are equal
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Labour market economics is a part of sākt mācīties
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economics focused on the analysis of economic processes in the labour market
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Labour market economics tries to discover sākt mācīties
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relationships and regularities in the labour market
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The micro approach is the study of sākt mācīties
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behavious of employees and employers in respose to the general incentives of wages, prices, profits and nonpecuniary aspects of the employment relationship
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The macrop approach is the study of sākt mācīties
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the labour market as a whole
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types of labour market indicators sākt mācīties
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absolute and relative; stock and flow
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absolute indicators are based on sākt mācīties
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absolute variables, for example total unemployment, number of employees fired
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sākt mācīties
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expressed in percentages, and are relations between two absolute variables, for example unemployment rate
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Absolute indicators are used to show sākt mācīties
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tendencies in the investigated labour market
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relative indicators are used to sākt mācīties
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compare different labour markets
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stock indicators are based on sākt mācīties
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stock variables, for example: number of employed, unemployment rate
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flow indicators are based on sākt mācīties
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flow variables, for example: number of employees fired, inflow rate into unemployment
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sākt mācīties
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the proportion of working age persons who are able and ready to work
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The labour force is comprised of sākt mācīties
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people who are able and ready to work
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The unemployment rate shows sākt mācīties
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the proportion of people at working age, able and ready to work who are unemployed
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The unemployment rate indicates sākt mācīties
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the share of unemployed in total labour force
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sākt mācīties
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sākt mācīties
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there is a tendency to equalize labour demand and labour supply
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unemployment can exist if wages are sākt mācīties
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not flexible and too high
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sākt mācīties
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formed or calculated by the combination of several separate elements; total.
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sākt mācīties
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equilibrium unemployment which stabilizes inflation
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sākt mācīties
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sākt mācīties
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we have decreasing inflation
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sākt mācīties
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we have increasing inflation
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sākt mācīties
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we have stabilisation of inflation
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in order to reduce inflation sākt mācīties
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How can the government keep AUR above or below NAIRU? sākt mācīties
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using macroeconomic policies (fiscal and monetary) to influence level of aggregate demand for goods and the level of actual unemployment
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in order to have effective counterinflation policy sākt mācīties
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one must accept unemployment as its social cost
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sākt mācīties
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Real wage rates demanded by employees
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sākt mācīties
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real wage rates (which are in line with the economic possibilities of the economy)
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the NAIRU level of unemployment is when sākt mācīties
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real wage rates demanded = realistic wage rates
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the higher labour productivity sākt mācīties
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the faster technical progres sākt mācīties
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the better situation in the balance of payment in the country sākt mācīties
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sākt mācīties
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the higher generosity of the social policy sākt mācīties
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the higher share of long-term unemployment sākt mācīties
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the bigger the imbalance in the labour market sākt mācīties
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The higher the labour productivity sākt mācīties
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the lower the level of NAIRU
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As a result of unemployment and inactivity, there is a reduction of sākt mācīties
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the stock of skills or labour force
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The Unemployed with reduced skills have sākt mācīties
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lower chances of finding jobs
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the longer the duration of unemployment sākt mācīties
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the bigger reduction of skills
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there is a relationship between GDP growth and sākt mācīties
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the change in unemployment rate
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sākt mācīties
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1% more output growth leads to a reduction in the unemployment rate of 0.4 percent
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the replacement ration is a ration between sākt mācīties
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the level of unemployment benefit and the level of wages or salaries while employed
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higher unemployment leads to sākt mācīties
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sākt mācīties
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able and ready to work; out of work; looking for jobs
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sākt mācīties
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sākt mācīties
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sākt mācīties
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sākt mācīties
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unemployment seen in official statistics
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sākt mācīties
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the opposite of open; example: part-time workers who would like to work full-time
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voluntary unemployment happens when sākt mācīties
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people are unsatisfied with their current wage
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involuntary unemployment happens when sākt mācīties
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people want to work but they cannot find jobs because of insufficient aggregate demand for goods
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short run technological unemployment results from sākt mācīties
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the impelentation of new technologies which crowd off labour
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definition of unemployment policy: sākt mācīties
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a number of activities and tools taken by the state in order to reduce unemployment
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main areas of unemployment policies taken by the state sākt mācīties
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macroeconomic policy; labour market institutions; labour market policy
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Macroeconomic policy consists of the monetary policy which is sākt mācīties
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macroeconomic policy consists of the fiscal policy which is sākt mācīties
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restrictive monetary and fiscal policies sākt mācīties
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reduce the level of aggregate demand
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stimulative monetary and fiscal policies sākt mācīties
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increase the level of aggreagate demand
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sākt mācīties
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labour market institutions
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sākt mācīties
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economic units (employers, employees, the unemployed)
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economic unit's (employers, employees, the unemployed) decisions have influence over sākt mācīties
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employment, unemployment and wage changes
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Active Labour Market Policy (ALMP) sākt mācīties
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aimed at improving the situation in the labour market and reducing unemployment
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Passive Labour Market Policy (PLMP) sākt mācīties
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aimed at moderating (mitigating) negaative effects of unemployment
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