5.13 Key Terms
Unemployment that changes with the business cycle.
The percentage of the working age population (WAP) that is employed or has some form of paid work.
Unemployment that occurs because it takes time for employers and workers to find each other.
When the actual unemployment rate is equal to the natural unemployment rate.
A general and ongoing rise in the level of prices in an entire economy.
The total number of people working or unemployed.
The percentage of the working age population that is in the labour force.
Unemployment found when the aggregate economy faces only frictional and structural unemployment and no cyclical unemployment.
The stated interest rate on a loan that must be repaid.
A number whose movement reflects movement in the average level of prices.
Measures the percentage increase in purchasing power the lender receives when the borrower repays the loan with interest.
A type of structural unemployment which is linked to certain kinds of jobs.
Unemployment that occurs if individuals have no jobs because they lack skills valued by the labour market.
The percentage of the labour force that is unemployed.
