Organization A - Labor Market

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Organization A - Labor Market Cards
Yago Gimeno
Flashcards by Yago Gimeno, updated more than 1 year ago
Yago Gimeno
Created by Yago Gimeno almost 9 years ago
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Question Answer
What is the Labor Market? Real/Virtual meeting point where people selling their labor (Employees), negotiate with those who buy it (Employers)
What is the Supply in the LM? - People participating in the Labor Force - Working or looking for work - The active population
What is the Labor Force? Over16 years old & Economically active - Employees - Self-employed - Unemployed and actively looking for work - On a gov-supported employment or training programme - Working unpaid for a family business
What is the Demand in the LM? - Number of employees that organizations need to produce their products
What is the active population made of? - Employed - Unemployed
What is the employed population? Over 16 and working for pay, profit or family gain Or temporarily absent from work but will come back soon
What is the unemployed population? - Over 16 without work - Available to start working withing 2 weeks - Or starting a job in <3 months - Actively having looked for employment in the last 4 weeks
What is frictional unemployment? Unemployment that results from the time it takes for workers to move between jobs
What is structural unemployment? Unemployment arising from the mismatch of skills and job opportunities as the pattern of demand and supply for labor changes in the industry
Describe the Activity Rate (E+U)/Comparable Pop It is the share of population that is economically active
Describe the Employment Rate E/Comparable Pop Percentage of the population that sustains the rest of the population
Describe the Unemployment Rate U/Labor Force Out of those willing to work, how many can't find a job
EU goal for the year 2020? Reach 75% of employed population between the age of 20 & 64
What is the Inactive Population made of? Pre-school children, school children, students, pensioners...
What is the difference between INACTIVE and EMPLOYED population? - Inactive = Doing work for others without being paid for it --> Housework parents, grandparents taking care of children... - Active = Working for others while being paid for it --> Part of the LM
What is the difference between INACTIVE and UNEMPLOYED population? Inactive people do not attempt to enter the labor market They do not have a job and are not looking for one or not available to work
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