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Chapter 14

Unemployment/ Employment

TermDefinition
Unemployment People that are 16 years and older, have actively searched for work in the last four weeks, but aren't currently employed
Employed Those who have worked at least one hour with in the last two weeks
Labor Force Number of employed people plus the number of unemployed poeple
Unemployment Rate 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 Ready and available to work, who have conducted a job search with-in the past 12 months, but didn't search in the last 4 weeks
Discouraged Workers Unemployed because they don't meet the general technical definition
U-3 Fall between the cracks of the official rate
U-1 People unemployed 15 weeks or longer
U-2 People who lost their job as opposed to those who have quit or those who entered or re- entered the labor force
U-4 Discouraged workers to the official unemployment rate
U-5 Marginally attached workers
U-6 Includes all the above plus those who are employed part-time because of economic reasons
Frictional Unemployment People voluntarily enter the labor force, or when they are in between jobs for which they are qualified
Structural Unemployment Job seekers skill sets are not in demand because of geography or obsolescence
Creative Destruction Old technologies and industries are destroyed which frees up the resources for new technology and its industry
Efficiency Wages Exceed the equilibrium market wage
Cyclical Unemployment Contractions in the business cycle
Full employment Occurs when cyclical unemployment is not present in the economy
Natural of Unemployment Level of unemployment that the economy maintains independent of the inflation rate
Created by: gbowman15
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