MODULE 4

• Labor supply (labor force) - is the portion of the population who are 15 years old and over willing and able to work, which include (1) those who are actively seeking work but have not found work and (2) those who are employed
• Gross Domestic Product (GDP) - refers to the total monetary or market value of all finished goods and services produced within a country's borders in a specific period (Fernando, 2020).
• Output per capita - the real GDP divided by the population, refers to how much the economy produces on average per resident.
• Underemployed - are highly skilled workers working in low-paying or low-skill jobs and part-time workers who prefer to be full-time (Chen, 2020).
• Full employment - occurs when the economy has relatively low unemployment
• Unemployed - refers to people who have no jobs and are looking for work.
• Frictional Unemployment - is created during the time required to bring together labor suppliers and demanders
• Structural Unemployment - occurs when job seekers do not have the skills demanded, posing more problems than frictional unemployment since the unemployed may need retraining to develop the skills required
• Seasonal Unemployment - occurs due to seasonal changes in labor demand during the year.
• Cyclical Unemployment - occurs when there is an increase in unemployment due to the recession phase in the business cycle, although it decreases during the expansion phase.
• Minimum wage - refers to the lowest allowed wage paid to workers under the legislation and government policies (Viray Jr. & Avila-Bato, 2018).
• Labor demand - is similar to product demand and follows the law of demand.
• Labor supply - follows the law of supply – when wage increases, the labor supply also increases, and vice versa
• Market clearing - is the equilibrium point where labor demand and supply meet at a certain wage and quantity of labor
• exchange rate - refers to the value of a nation's currency versus the currency of another country or economic zone (Chen, 2020).
• Currency depreciation - refers to a fall in the value of a currency in terms of its exchange rate versus other currencies (Smith, 2021).
• Currency appreciation - refers to an increase in one currency’s value to another (Sharma, 2020). The exchange rate affects the country in various ways.
• Housing affordability - refers to the ability of the household to pay the housing market price and available financing schemes.
• Rent control - is an intervention process that corresponds to setting the price ceiling on rent
• National Shelter Program - of the government provides housing for informal settlers and other families who do not have enough income to buy or rent houses with rates in the prevailing market. S