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Econ ch 14

Vocab

TermDefinition
Unemployed People 16yrs+ who have actively searched for work in the last 4 weeks but are not currently employed
Employed People who have worked at least 1hr in the previous 2 weeks
Labor Force Number of employed people plus number of unemployed people
Unemployment Rate Percentage of labor force that is not currently employed
Labor Force Participation Rate Percentage of working age population classified as either employed or unemployed
Employment-to-Population Ratio Percentage of working age population that is classified as employed
Marginally Attached Workers People ready & available to work who have conducted a job search in the last year, but not in the last month
Discouraged Workers People who have given up the job search in frustration and don't meet unemployment qualifications
U3 Official unemployment rate
U1 Unemployed 15 weeks or longer
U2 Lost a job as opposed to quit or reentered the labor force
U4 Adds discouraged workers to official unemployment rate
U5 All marginally attached workers
U6 Inclused U1-5 plus people employed part-time because of economic reasons
Frictional Unemployment Voluntarily enter the work force or are between jobs they are qualified for
Structural Unemployment When job seekers' sill sets are not in demand because of geography or obsolescence
Creative Destruction Happens when innovation occurs, and old technologies & industries are destroyed
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 isn't present in the economy
Natural Rate of Unemployment In the long run, a level of unemployment that the economy maintains independent of the inflation rate
Created by: Hannah W
 

 



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