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unemployment

econ period 4

TermDefinition
unemployment people ages 16 or older who have actively looked for jobs in the past 4 weeks but are not employed
employed people who have worked at least one hour in the last 2 weeks
labor force employed persons plus unemployed
unemployment rate a percent of labor force who are not currently employed
labor force participation rate the percent of working age population classified as either employed or unemployed (US average is 65%)
employment to population rate the percentage of the working age population that is classified as employed
marginally attached workers people who are ready and available to work, who have conducted a job search within the past 12 month but have not searched in the last 4 weeks.
discouraged workers people who have given up up looking for jobs but they are not classified as unemployed
U1 the unemployment rate that only includes people unemployed 15 weeks or longer
U2 people who have lost their job
U3 the official unemployment rate
U4 the unemployment rate that adds discouraged workers to the official unemployment rate
U5 the unemployment rate that includes all marginally attached workers
U6 the unemployment rate that includes U1-U5 plus those who are employed part time
frictional unemployment occurs when people voluntarily quit their job to search for another
structural unemployment when job seekers skill sets are not in demand because of geography or obsolescence
creative destruction innovation occurs when old technologies and industries are destroyed which frees up the recourse for the new technology and its industry
efficiency wage wages 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 employment the rate of unemployment that exists when there is no cyclical unemployment present in the economy
Popular Economics sets

 

 



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