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Terms of Employment

A lesson from Economy class

TermDefinition
Unemployed If they have actively searched for work in the last four weeks but are not currently employed.
Employed Those who have worked at least one hour in the previous two weeks.
Labor Force The number of employed persons plus number of unemployed persons.
Unemployment Rate Percentage of the labor force that is not currently employed.
Labor Force Participation Rate The percentage of the working age population classified as either employed and 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 any.
"Discouraged Workers" Unemployed in the general sense, but because they do not meet meet the technical definition.
Frictional Unemployment Occurs when job people voluntarily enter the labor force, or when they are between jobs for which they are qualified.
Structural Unemployment Occurs when seekers' skill sets are not in demand because of geography or obsolescence.
Creative Destruction Structural employment is often the outcome.
Efficiency Wages Those those that exceed the equilibrium market wage.
Cyclical Unemployment Occurs because of contractions in the business.
Natural Rate of Unemployment Natural rate that economy maintains independently.
Full Employment Occurs when cyclical unemployment is not present in the economy.
U1 People unemployed fifthteen weeks or longer
U2 Only includes people who have lost a job opposed to those who quit a job.
U3 To measure stacks between cracks
U4 Adds discouraged workers to the official unemployment rate.
U5 Includes all marginally attached workers
U6 The most all-inclusive measure of unemployment includes all of the above plus those who are employed part-time.
Created by: agamez15
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