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Unemployment Vocab

Steuter Econ Unemployment Vocab

TermDefinition
Unemployment Persons sixteen years of age or older if they have actively searched for work in the last 4 weeks, but are not currently employed.
Employed Those who have worked at least one hour in the previous two weeks.
Labor Force People who meet neither criteria, and the number of employed persons plus the number of unemployed persons.
Unemployment rate The percentage of the labor force that is currently not employed.
Labor force participation rate The percentage of the working age population classified as either employed or unemployed.
Employment-to-population The percentage of the working age population that is classified as employed.
Marginally attached workers Are not considered in the official unemployed rate. These are people ready and available to work, who have conducted a job search in the past twelve months, but not in the last 4 weeks.
Discouraged Workers Are unemployed in the general sense, but because they do not meet the technical definition, the official unemployment rate does not reflect their numbers.
U3 Measures those who fall between the cracks of the official rate.
U1 Only includes people unemployed for 15 weeks or longer.
U2 Only indicates people who have lost their job.
U4 Adds discouraged workers to the official unemployment rate.
U5 Includes all marginally attached workers
U6 The most all inclusive measure of all of the above plus 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 which they are qualified.
Structural Unemployment Occurs when job seekers skill sets are not in demand because of geography or obsolescence.
Creative destruction The ongoing process of technological innovation and industrial decline.
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 is not present in the economy.
Natural rate of unemployment The rate of employment that exists when there is no cyclical unemployment present in the economy,
Created by: Liss_913
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