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econ

TermDefinition
Unemployment Persons 16 years of age or older that 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 y\the previous two weeks
Labor force people who meet neither criterion
Unemployment rate A percentage of the labor force that is not currently employed
Labor force participation rate the percentage of the working age 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 People ready and available to work who have conducted a job search within the past twelve moths but have not searched in the past four weeks
Discouraged workers unemployed in the general sense, but because they do not meet the technical definition, the employment rate does not reflect their numbers
U3 The official unemployment rate to measure those who fall between the cracks of the official rate
U1 only includes people employed 15 weeks or longer
U2 People who have lost a job as opposed to those who have entered or re-entered the labor force or those who have quit
U4 Adds discouraged workers to the official unemployment rate
U5 all marginally attached workers
U6 The most all inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons
Frictional unemplyment occurs when people voluntarily enter the labor force, or when they are between jobs on which they are qualified
Structural unemployment Occurs when the job seekers skill sets are not in demand because of geography or obsolescence
Creative distruction structured unemployment. As innovation occurs, old technologies and industries are destroyed, which
cylical unemployment contractions in the business cycle
full employment when cylical unemployment is not present in ecnomy
neutral rate unemployment level of unemployment that economy maintains independent of the inflation rate
efficiency wages those that exceed the equilibrium market wage
Created by: jt12
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