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Unemployment vocab

TermDefinition
Unemployed If they have actively searched for work in the last 4 weeks but aren't currently employed
Employed Those that have worked at least 1 hour in the past 2 weeks
Labor force # of employed persons + # of unemployed persons
Unemployment rate % o the labor force that is not currently employed
Labor Force Participation Rate % of the working age population classified as either employed or unemployment
Employment-to-population ratio % of the working age population that is classified as employed
Marginally attached workers Ready and available to work
Discouraged workers Do not meet the technical definition
U3 Those who fall between the cracks of the official rate.
U1 People unemployed 15 weeks or longer
U2 People who have lost a job
U4 Discouraged workers to the official unemployment rate
U5 Marginal attached workers
U6 All-inclusive measure of unemployment and includes all of the above + those who are employed part time
Frictional unemployment When people voluntarily enter the labor force, or when they are between jobs for which they are qualified
Structual unemployment/creative destructio When job seekers' skills sets are not in demand because of geography or obsolescence
Efficiency wages Those that exceed the equilibrium market wage
Cyclical unemployment Occurs because of contractions in the business cycle
Full employment When cyclical unemployment is not present in the economy
Natural Rate of Unemployment In the long run there is a level of unemployment that the economy maintains independent of the inflation rate
Created by: esalas15
Popular Economics sets

 

 



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