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Unemployment
April 17- Econ
| Term | Definition |
|---|---|
| Unemployed | Person 16 or older who have actively searched for work in the last 4 weeks but are not currently employed |
| Employed | Those who ave worked at least 1 hour in the previous 2 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 employed or unemployed |
| Employee to population ratio | Percentage of the working age population that is classified as employed |
| Marginally attached workers | People who are able and ready to work and have conducted a job search within the last 12 months but not within the last 4 weeks |
| Discouraged workers | Do not meet unemployment requirements. Have given up on looking for a job |
| U3 | measures those who fall between the cracks of the official rate |
| U1 | Only includes people unemployed fifteen weeks or longer |
| U2 | Only includes people who have lost their job and not those who have quit or have entered/reentered the labor force |
| U4 | Adds discouraged workers t the unemployment rate |
| U5 | Includes all marginally attached workers |
| U6 | Includes marginally attached workers, discouraged workers, those unemployed for 15 weeks, and part time workers. Most all inclusive measure of unmployment |
| Frictional Unemployment | Occurs when people voluntarily enter the work force or when they are between jobs for which they are qualified (right worker for the right job) |
| Structural Unemployment | Occurs when job seeker's skill sets are not in demand because of geography or obsolescene |
| Creative destruction | As innovation occurs old technologies and industries are destroyed, which frees up resources for the new technology and its industries |
| Efficiency wages | 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 unemployment | The level of unemployment that the economy maintains independent of the inflation rate |
Created by:
lmoreno15
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