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Unemployment
| Term | Definition |
|---|---|
| Unemployment | Persons sixteen or older that have actively searched for a job in the past 4 weeks without finding a job. |
| Employment | Those who have worked at least 1 hour in the past 2 weeks |
| Labor Force | The number of employed persons plus the number of unemployed persons |
| Unemployment Rate | A percentage of the labor force that is not currently employed |
| Labor Force Participating Rate | The percentage rate of the working age population classified as either employed or unemployed. |
| Employment-to-Population Ratio | The ratio of the working age population that is classified as employed. |
| Marginally Attached Workers | Those are people ready and available to work, who have applied in the past 12 months, but have not searched in the last 4 weeks. |
| Discouraged Workers | Workers who are unemployed in the general since, but because they do not meet the technical definition they are not counted in he official unemployment rate. |
| Frictional Unemployment | Occurs when people voluntarily enter the labor force, or they are between jobs which they are qualified for. |
| Structural Unemployment | Occurs when jobs seekers skill sets are not in demand because of geography or obsolescence. |
| Creative Distruction | Occurs when old technology and industries are destroyed, which frees up the resources for the new technology and its industry. |
| Efficiency Wages | Are those that exceed the equilibrium market wages |
| Cyclical Unemployment | Occurs because of contraction in the business cycle |
| Full Employment | occurs when cyclical unemployment in not present in the economy |
| Natural Rate of Unemployment | suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate. |
| U1 | People unemployed 15 weeks or longer |
| U2 | People who have lost a job as oppose to those who have quite or those who have entered or reentered the labor force |
| U3 | To measure those who fall between the cracks of the official rate |
| U4 | adds discouraged workers to the official unemployment rate |
| U5 | includes all marginally attached workers |
| U6 | all-inclusive measure of unemployment and includes all of the above plus those those who are employed part-time because of economc reasons |
Created by:
WilliamJordan
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