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Employed/Unemployed
| Term | Definition |
|---|---|
| Unemployed | Persons 16 years of age or older who have actively searched for work in the last four weeks but are not currently employed. |
| Employed | Those who have worked at least 1 hour in the previous 2 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 Participate Rate | 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 who have conducted a job search within the past twelve months, but have not searched in the last four weeks. |
| "Discouraged Workers" | Unemployed in the general sense, but because they do not meet the technical definition, the official unemployment rate does not reflect their numbers. |
| U3 | To measure those who fall between the cracks of the official rate. |
| U1 | Only includes people unemployed fifteen 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 attached workers. |
| U6 | Measure of unemployment plus those who are employed part-time. |
| Frictional 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 | Innovation occurs, old technologies and industries are destroyed, which frees up the resources for the new technology and its industry. |
| Efficiency Wages | 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 Unemployment | Suggest that in the long run there is a level of unemployment that the economy will maintain full employment and experience the natural rate of unemployment most of the time. |
Created by:
kvasquez15
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