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employ/unemploy

definitions

TermDefinition
unemployed persons sixteen years of age or older that don't have a job
employed those who have worked at least one hour in the previous two weeks
labor force the number of employed persons plus the number of 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 people ready and available to work
"discouraged workers" people unemployed in the general sense, but they do not meet the technical definition
frictional unemployment occurs when people voluntarily enter the labor force
creative destruction as innovation occurs, old technologies and industries are desroyed
structural unemployment occurs when job seekers; skill sets are not in demand because of geography or obsolescence
efficiency wages wages that exceed the equilibrium market wage
cyclical unemployment occurs because of contractions in the business cycle, it is not voluntary, nor is it the result of a skill-set mismated
full employment it occurs when cyclical unemployment is not present in the economy
natural rate of unemployment it's associated with full time employment
U3 The official unemployment rate
U1 it only includes people unemployed fifteen weeks or longer
U2 it 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 it adds discouraged workers to the official unemployment rate
U5 it includes all marginally attached workers
U6 it is the most all-inclusive measure of unemployment and includes all of those who are employed part-time because of economic reasons
Created by: Lorenzo C
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