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Unemployment Vocab
Steuter Econ Unemployment Vocab
| Term | Definition |
|---|---|
| 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, |
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