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Un/employment
| Term | Definition |
|---|---|
| Unemployed | People 16 years of age or older are considered unemployed. |
| Employed | People who have worked at least one hour in the previous two weeks. |
| Labor force | The number of employed people plus the number of unemployed people. |
| Unemployment rate | The percentage of the labor force that is currently not employed. |
| Labor force participation rate | Percentage of working age population that is classified as employed or unemployed. |
| Employment to population ratio | Percentage of working age population classified as either employed or unemployed. |
| Marginally attached workers | People not considered part of the labor force, and are thus not counted in most official unemployment rates |
| Discouraged workers | A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment in the last four weeks. |
| Frictional Unemployment | The unemployment which exists in any economy due to people being in the process of moving from one job to another. |
| Structural employment | Workers who may lack the requisite job skills, or they may live far from regions where jobs are available but are unable to move there. |
| Creative Destruction | It is a process through which something new brings about the demise of whatever existed before it. |
| Efficiency Wages | Wages that are higher than the market equilibrium. |
| Cyclical unemployment | When business cycles are at their peak, cyclical unemployment will be low because total economic output is being maximized. |
| Full employment | The condition in which virtually all who are able and willing to work are employed. |
| Natural rate of unemployment | It is a combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. |
| U-1 | Persons unemployed 15 weeks or longer, as a percent of the civilian labor force |
| U-2 | Job losers and persons who completed temporary jobs, as a percent of the civilian labor force |
| U-3 | Total unemployed, as a percent of the civilian labor force (official unemployment rate) |
| U-4 | Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers |
| U-5 | Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force |
| U-6 | Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. |
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