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Unemployment
Economics Chpt. 14
| Term | Definition |
|---|---|
| unemployed | person sixteen years of age or older who 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 the previous two weeks. |
| labor force | number of employed persons plus the number of unemployed persons. |
| unemployment rate | percentage of the labor force that is not currently employed |
| labor force participation rate | percentage of the working age population classified as either employed or unemployed |
| employment-to-population rate | percentage of 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 months, but have not searched in the last four weeks. |
| discouraged workers | unemployed in the general sense. |
| U3 | people who fall between the cracks of the official unemployment rate |
| U1 | includes people unemployed fifteen weeks or longer |
| U2 | includes people who have lost a job as opposed to those who have quit, or those who have entered or re-entered the labor force. |
| U4 | adds discouraged workers to official unemployment rate |
| U5 | includes all marginally attached workers |
| U6 | most all inclusive measure of unemployment and includes all of the above plus those who are employed part time because of economic reasons |
| frictional employment | occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified |
| structural employement | occurs when job seekers' skill sets are not in demand because of geography or obsolescence |
| creative destruction | old technologies and industries are destroyed, which frees up resources for new technology and its industry |
| efficiency wages | those that exceed the equilibrium market wage, which encourages worker productivity |
| cyclical unemployment | occurs because of contractions in the business cycle, and it is not voluntary |
| full employment | occurs when cyclical employment is 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. |
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