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Unemployment

Econ unemployment and employment

TermDefinition
Unemployed If you have actively searched for a job in the past 4 weeks without getting one
Employed If you have worked at least one hour in the past 2 weeks
Labor force Number of employed and unemployed people
Employment to population ratio Percentage of working age population classified employed
Labor force participation rate Percentage of working age population either employed or unemployed
Marginally attached Workers People ready and available to work and have conducted a job search in the past 12 months
Discouraged workers People who have given up the job search in frustration
U1 Only includes people unemployed for 15 weeks or longer
U2 Only people who have lost jobs
U3 Official unemployment rate
U4 Adds discouraged workers to official unemployment rate
U5 Includes all marginally attached workers
U6 All of the above plus part timers
Frictional Unemployment When people voluntarily enter the workforce or when they are between jobs they qualify for
Structural unemployment When job seekers skills sets are not in demand
Creative destruction Innovation occurs old technology and industries are destroyed
Efficiency wages Those that exceed the equilibrium market wage
Cyclical unemployment Caused by contractions in the business cycle
Full Employment When cyclical unemployment is not present
Natural rate of unemployment There is a level of unemployment that the economy maintains independent of the inflation rate
unemployment rate Percentage of unemployed people in the labor force
Created by: jkilhoffer
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