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Unemployment

This stack is a review of terms found in Chapter 14.

TermDefinition
Unemployed Persons 16 years or older that have actively searched for work in the last four weeks, but are not currently employed.
Employed Persons who have worked at least one hour in the previous two weeks.
Labor Force The number of employed people plus the number of unemployed people.
Unemployment Rate A percentage of the labor force that is not currently employed.
Labor Force Participation Rate The percentage of working age population classified as either employed or unemployed.
Employment-to-Population Ratio The percentage of working age population that is classified as employed
Marginally Attached Workers Persons not considered in the official unemployment rate.
Discouraged Workers Persons that are unemployed in a general sense,but do not meet the technical definition. They are often products of Marginally Attached workers or part-timers.
U3 The official Unemployment rate often distributed by BLS.
U1 Only includes people unemployed 15 weeks or longer.
U2 Only 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 Includes/adds discouraged workers into the official unemployment rate.
U5 Includes all Marginally attached workers.
U6 The most all-inclusive of them all. It includes every type of worker or non-worker due to economic reasons.
Frictional Unemployment It occurs when people voluntarily enter the labor force, or when they are between jobs for which they qualify.
Structural Unemployment It occurs when job seekers' skill sets are not in demand because of geography or obsolescence. An outcome of creative destruction.
Creative Destruction Occurs when old technology or industries die out, creating and freeing up resources for new technology and industries.
Cyclical Unemployment Occurs because of contractions in the business cycle.
Full Employment Occurs when cyclical unemployment is not present in the economy. This is economic nirvana and the goal that policymakers should seek to maintain.
Natural Rate of Unemployment This is the natural rate hypothesis, which suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate.
Efficiency Wages Those that exceed the equilibrium market wage
Created by: AJG62738
 

 



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