Unemployment Basics
What do we call a person who wants a job but doesn't have one?
What do we call the person or company that hires a worker?
Employer (or Boss)
What does productivity measure: output per worker or overall cost?
Output per worker
What is the payment a worker receives called?
Wage (or Salary)
What 3-letter abbreviation measures a nation's total output?
GDP
Does a retired person count as unemployed?
No
What is the legal document signed by a worker and an employer before starting work?
Job contract
If a factory makes more goods in less time, did productivity go up or down?
Up
Who offers/demands the jobs: workers or businesses?
Businesses
Does having more people working help GDP grow?
Yes
What is the term for the percentage of the labor force without a job?
Unemployment rate
What is the main motivation for most people to go to work?
Money (or Earn wages/salary)
What key tool usually helps workers produce goods faster?
Technology (or Machinery)
What is the lowest legal wage an employer can pay called?
Minimum wage
What term describes a general rise in prices across an economy?
Inflation
Does student status make you part of the employed labor force?
No
What do we call a job where you work around 40 hours a week: full-time or part-time?
Full-time
Does high efficiency lower or raise production costs?
Lower
Who supplies the labor in a job market: workers or businesses?
Workers
Is low unemployment a sign of a strong or weak economy?
Strong
What happens to unemployment during an economic recession: up or down?
Up (it increases)
What is the process of learning new skills for a job called?
Training
What term means doing a task with zero wasted effort and time?
Efficiency
If there are too many workers and few jobs, do wages tend to rise or fall?
Fall
What is the group of all active workers and job-seekers called?
Labor force