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Class Notes


Class Notes ACC 211

Principles of Financial Accounting
Seth Levine

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Principles of Financial Accounting
Seth Levine
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This 2 page Bundle was uploaded by an elite notetaker on Saturday August 29, 2015. The Bundle belongs to ACC 211 at University of Miami taught by Seth Levine in Fall 2015. Since its upload, it has received 40 views. For similar materials see Principles of Financial Accounting in Accounting at University of Miami.


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Date Created: 08/29/15
CHAPTER 15 UNEMPLOYMENT The Bureau of Labor Statistics BLS which is part of the Department of Labor is in charge of measuring unemployment based on a survey of thousands of households Employed includes those who worked as paid employees in their own business or family business Fulltime and parttime workers are also counted Unemployed includes those who were not employed available to work and have been seeking work in the last 4 weeks Also those who are waiting for a recall from being laidoff are included Not in the labor force are those who don t fit in the first two Students homemakers retirees Labor force is the total number of workers including both the employed and the unemployed Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates Labor force Number of employed Number of unemployed Unemployment rate is the percentage of the labor force that is unemployed Unemployment Unemployment rate X 100 Labor Force Laborforce participation rate is the percentage of the adult population that is in the labor force Labor Force Laborforce participation rate X 100 Adult Population Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates Cyclical unemployment is the deviation of unemployment from its natural rate Discourage workers are individuals who would like to work but have given up looking for a job Frictional unemployment is unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills Structural unemployment is unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one In the US economy most people who become unemployed find work within a short period of time Nonetheless most unemployment observed at any given time is attributable to the few people who are unemployed for long periods of time Job search is the process by which workers find appropriate jobs given their tastes and skills Sectoral Shifts are changes in the composition of demand among industries or regions Unemployment insurance is a government program that partially protects worker s incomes when they become unemployed Unemployment from a wage above the equilibrium level In the graph the Wage lfE ZE ilEli 5 iJ I t E I1EI139IFI El nEff Minimum L j r E wage L D IE it tquot E uan ily if IEltl u It unemployment rate is shown by QsQd If the wage is kept above the equilibrium level for any reason the result is unemployment Union is a worker association that bargains with employers over wages benefits and working conditions Collective bargaining is the process by which unions and firms agree on the terms of employment Strike is the orginzed withdrawal of labor from a firm by a union Efficiency wages are aboveequilibrium wages paid by firms to increase worker productivity Companies want to keep wages high because it can improve worker health worker turnover worker quality and increase worker effort


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