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unemployment
unemployment vocab words
Question | Answer |
---|---|
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 |