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chapter 14

vocab

TermDefinition
unemployed no job
employed job
labor force number of employed plus the number of unemployed
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 not
employment to population ratio percentage of the working age population classified as employed
marginally attached workers people ready and available to work, who have conducted a job search wthin the past 12 months but not within the past four weeks
discouraged workers unemployed in gerneral snese but bc they do not meet the technical def, the official unemployment rate does not reflect their numbers
U3 measure of those who fall btween the cracks of the offical rate
U1 poeple unemployed fifteen weeks or longer
U2 people who have a job vs who quit
U4 discouraged workers
U5 includes all marginally workers
U6 most inclusive measure of unemployment and includes all above plus part time
frictional unemployment when people voluntarily enter the labor force or when they are between jobs
structural unemployment occurs when job skeers' skills set are not on demand
creative destructin ongoing process of tech. innovation and industrial decline aka one industry starts another dies
efficieny wages those that exceed the equillibrium market wages
cyclical unemployment occurs bc contracting in the business cycle
full employment when cyclical is not present in the economy
natural rate of employment full employment
Created by: youngsav
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