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Unemployment

Chapter 14 Vocabulary "Where did my job go?"

TermDefinition
Unemployed A person 16 years old or older who is actively searching for work in the past 4 weeks, but not currently employed.
Employed If you have worked at least worked at least 1 hour in the past 2 weeks.
Labor Force The number of employed plus unemployed people age 16 and up.
Unemployment Rate % of Labor Force not currently employed.
Labor Force Participation Rate % of working age population classified as either unemployed or employed.
Employment-to-Population Ratio % of working age population classified as employed.
Marginally Attached Workers Not in official unemployment rate, and ready to work, have searched for a job in the past 12 months, but not past 4 weeks.
Discouraged Workers Have given up and are frustrated, do not meet technical definition and do not reflect unemployment rate.
U1 Only includes unemployment 15 weeks or longer.
U2 Only people who have lost their jobs.
U4 Adds "Discouraged Workers" to official unemployment rate.
U5 Includes all "Marginally Attached Workers."
U6 Most all-inclusive measure of ALL unemployed plus part time employed due to economic reasons.
Frictional Unemployment Voluntary unemployment that occurs when a person enters the labor force and looks for a job. For example, a recently graduating college student looking for a job, this will always exist in the economy.
Structural Unemployment When job seekers skills sets are not in demand because of geography or obsolescence.
Creative Destruction Happens when innovation occurs, and old technologies and industries are destroyed.
Efficiency Wages Those that exceed the equilibrium market wage.
Cyclical Unempolyment Occurs because of contractions in the business cycle.
Full Employment Occurs when Cyclical Unemployment is not present in the economy.
Natural Rate of Unemployment In the long run, a level of unemployment that the economy maintains independent of the inflation rate.
U3 The official unemployment rate.
Created by: asahagun
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