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Unemployment Vocab

Chapter 14

TermDefinition
Unemployment People who are 16 years or older and have searched for a job, but are not employed
Employed Those what have worked at least one hour in the past two weeks
Labor Force The number of employed persons plus the number of unemployed persons
Unemployment Rate The percentage of the labor force that is not currently employed
Employment-to-population Ratio The percentage of the working age population that is classified as employed
Marginally Attached Workers Not considered in the official unemployment rate; People who are ready and available to work, conducting a job search for the past 12 months, and haven't searched in the past 4 weeks
Discouraged Workers People who are looking for employment, but have temporarily given up
U1 People who have been unemployed for 15+ weeks
U2 Those who lost their job, as opposed to quitting or who are entering/ re-entering the labor force
U3 Those who fall between the cracks of official rate of unemployment
U4 Discouraged workers
U5 Marginally attached workers
U6 All types of unemployed people plus those that are part time
Frictional Unemployment When people voluntarily enter the labor force, but who are in between qualified jobs with a specific skill set
Structural Unemployment Job seekers' skill set are not in demand because of geography of obsolescence
Creative Destruction When old technologies and industries are destroyed, freeing up the resources for the new technology and industry
Efficiency Wages Exceeds the equilibrium market wage in order to encourage productivity
Cyclical Unemployment Contractions in the business cycle
Full Unemployment Cyclical unemployment is not present; economic nirvana
Natural Rate of Unemployment Unemployment independent of the inflation rate
Created by: nmoorhead
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