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Stack #1900009

TermDefinition
Unemployment person 16 years or older if they have actively searched for work in the last 4 weeks but are not currently employed
Employment who have worked at least 1 hour in the previous 2 weeks
Labor Force # employed persons + # unemployed persons
Unemployment rate a percentage of the labor force that is not currently employed.
Labor Force Participation Rate the percentage of the working age population classified as either employed or unemployed
Employment-to-population ratio the percentage of the working age population that is classified as employed
Marginally Attached Workers these are people ready and available to work, who have conducted a job search within the past 12 months, but have not searched in the last 4 weeks.
"Discouraged workers" Do not meet the technical definition
U3 to measure those who fall between the cracks of the official rate
U1 only includes people unemployed 15 weeks or longer
U2 only includes people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force
U4 adds discouraged workers to the official unemployment rate
U5 includes all marginally attacked workers
U6 is the most all-inclusive measure of unemployment and includes all of the above plus those who are employed
Friction unemployment occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified
Structural unemployment occurs when job seekers' skill sets are not in demand because of geography or obsolescence
Creative destruction structural unemployment is often the outcome of what the economist Joseph Schumpeter called
Efficiency wages are those that exceed the equilibrium market wage
Cyclical unemployment occurs because of contractions in the business cycle
Full employment occurs when cyclical unemployment is not present in the economy.
Natural rate of employment The natural rate hypothesis advanced by Noel economists Milton Friedman and Edmund Phelps suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate
Created by: ata15
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