G10 Lesson 3

Refers to those persons of working age who are actively engaged in the labour market; current supply of labor (employed and unemployed)

• Labor

• Labor Force

• Work

• Employment

Any activity to produce goods or provide services for pay or profit

• Work

• Labor

• Market

• Employment

Refers to a situation in which an individual earns their living from any independent pursuit of economic activity where they have greater control over their work, including the nature of the work they do, their work hours, and the terms of their contracts.

• Paid-Employment

• Underemployment

• Self-Employment

• Unemployment

IT OCCURS WHEN PERSONS IN EMPLOYMENT DON'T USE ALL THEIR SKILLS, EDUCATION, OR AVAILABILITY TO WORK DUE TO LACK OF ADEQUATE WORK OPPORTUNITIES

• Unemployment

• Underemployment

• Self-employment

• Paid Employment

Refers to persons who were employed but temporarily not at work during the reference period and maintains a formal attachment to their job

• Employed At Work

• Employed with a job but not at work

• Own-account workers

• Underemployed

REFERS TO PEOPLE OF WORKING AGE NOT IN EMPLOYMENT, LOOKING FOR EMPLOYMENT AND AVAILABLE FOR EMPLOYMENT

• Labor

• Self-employment

• Unemployment

• Underemployment

Refers to long-lasting unemployment that comes about due to shifts in an economy. mismatch between what companies need and what available workers offer.

• Structural Unemployment

• Frictional Unemployment

• Seasonal Unemployment

• CyclicalUnemployment

Refers to a situation of unemployment when demand for goods and services fall dramatically, forcing businesses to lay off large numbers of workers to cut costs

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

• Seasonal Unemployment

Unemployment that occurs when workers voluntarily leave their old jobs but haven't yet found new ones

• Frictional Unemployment

• Structural Unemployment

• Cyclical Unemployment

• Seasonal Unemployment

The offshoring of manufacturing jobs from the United States to countries like China to cut labor costs leaves many American workers without employment opportunities in their skillset. Which type of unemployment is presented here?

• Seasonal Unemployment

• Frictional Unemployment

• Structural Unemployment

• Cyclical Unemployment