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Unemployment

Econ definitions

TermDefinition
Unemployed If a person 16 years or older have actively searched for work in the last four weeks but are not employed
Employed If you have worked at least one hour in the previous two weeks
Labor force The number of the employed persons plus the number of unemployed
Unemployment rate Percentage of the labor force that is not currently employed
Labor force participation 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 These are people ready and available to work, who have conducted a job search within the past 12 months, but have not searched in the last 4 weeks.
Discouraged workers Given up job search out of fustration
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.
U3 Measures those who fall between the cracks of the official rate.
U4 Adds discouraged workers to the official unemployment rate.
U5 Includes all marginally attached workers
U6 The most all inclusive measure of unemployment and includes all of the above pus those who are employed part time because of economic reasons.
Frictional Unemployment Occurs when people voluntarily enter the labor force, or when they are between jobs for when they are qualified.
Structural unemployment When job seekers skill sets are not in demand because of geography or ob-sole scene.
Creative destruction Refers to the ongoing process of technological innovation and industrial decline
Efficiency wages Those that exceed the equilibrium market max
Cyclical unemployment Occurs because of the contractions in the business cycle
Full employment Occurs when cyclical unemployment is the present in the economy
Natural rate of unemployment Occurs when cyclical unemployment is not present in the economy
Created by: amorales15
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