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unemployment vocab words

unemployed 16 or older, have to activity search for work in last 6 weeks but are not considered currently employed
employed work at least one hour in the precious two weeks`
unemployment percentage of the labor force that is not currently employed
labor force paritipation percentage of the working age population that is classified as either employed or unemployed
employment to population ratio percentage of the working age population that is classified as employed
Marginally attached workers are not considered int he official unemployment rate
Discourage workers unemployed in the general sense, but they do not meet the technical definition
Frictional unemployment occurs when people voluntarily enter the labor force, or are between jobs which are qualified
Structural unemployment occurs when job seekers skill sets are not in demand because of geography of obsolescence
Efficiency wages occurs when those that exceed the equilibrium market wage
Cyclical unemployment occurs because of contractions int he business cycle
Full employment occurs when unemployment is not present in the economic
Narural rate of inemploument Natural rate by hypothesis advanced by noble economists
Creative destruction Occurs when old technologies and industries are destroyed, which frees up the resources for the new technology and its industry
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 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 most all- inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic rasons
labor force which is the number of employed persons plus the number of unemployed persons
Created by: iangulo



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