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chapter 14
vocab
Term | Definition |
---|---|
unemployed | no job |
employed | job |
labor force | number of employed plus the number of unemployed |
unemployment rate | percentage of the labor force that is not currently employed |
labor force participation rate | percentage of the working age population classified as either employed or not |
employment to population ratio | percentage of the working age population classified as employed |
marginally attached workers | people ready and available to work, who have conducted a job search wthin the past 12 months but not within the past four weeks |
discouraged workers | unemployed in gerneral snese but bc they do not meet the technical def, the official unemployment rate does not reflect their numbers |
U3 | measure of those who fall btween the cracks of the offical rate |
U1 | poeple unemployed fifteen weeks or longer |
U2 | people who have a job vs who quit |
U4 | discouraged workers |
U5 | includes all marginally workers |
U6 | most inclusive measure of unemployment and includes all above plus part time |
frictional unemployment | when people voluntarily enter the labor force or when they are between jobs |
structural unemployment | occurs when job skeers' skills set are not on demand |
creative destructin | ongoing process of tech. innovation and industrial decline aka one industry starts another dies |
efficieny wages | those that exceed the equillibrium market wages |
cyclical unemployment | occurs bc contracting in the business cycle |
full employment | when cyclical is not present in the economy |
natural rate of employment | full employment |