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Unemployment

Chapter 14 Vocabulary

TermDefinition
Unemployed Persons 16 years or older without a job who have actively seeked employment in the passed 4 weeks
Employed Those who have worked at least 1 hour in the previous 2 weeks
Labor Force Number of employed people added to 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 unemployed
Employment-to-Population Ratio Percentage of working age population that is classified as employed
Marginally Attached Workers Looked for a job in the past 12 months, but not the past 4 weeks
Discouraged Workers Those who have given up on the job search
U1 Includes those who have been unemployed 15 weeks or longer
U2 Includes those who have lost a job, but have not quit
U3 The official unemployment rate
U4 Includes discouraged workers
U5 Includes marginally attached workers
U6 Includes all types of workers from U1-U5 as well as part-time workers
Frictional Unemployment People voluntarily enter the work force; people in between jobs they are qualified for
Structural Unemployment The job seeker's skill set is not in demand due to geography or obsolescence
Cyclical Unemployment Occurs due to contractions in the business cycle; involuntary; creates a feedback loop
Full Employment Occurs when cyclical unemployment is not present in the economy
Natural Rate of Unemployment The theory that there is a level of unemployment that the economy maintains independent of inflation rate
Creative Destruction Innovation occurs which results in the destruction of old technologies and industries
Efficiency Wages Wages that exceed market equilibrium and encourage worker productivity
Created by: croy15
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