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Unemployment
Honors Econ. study terms
| Term | Definition |
|---|---|
| Labor force participation | Percentage of the working age population classified as either employed or unemployed |
| Employment-to-population ratio | Percentage of the working age population that is classified as employed |
| Marginally attached works | Not an official unemployment rate. Willing to work; job search within the last 12 months |
| Discouraged workers | Unemployed in general sense; Full time workers have lost jobs because of part time |
| Fictional unemployment | Occurs when people voluntarily enter the labor force, or when they are between jobs for which they qualify. |
| Structural unemployment | Occurs when job seeker's skill sets are not in demand because of geography or obsolence |
| Creative destruction | Founded by Joseph Schumpeter; structural unemployment is an outcome of creative destruction |
| Cyclical unemplyment | occurs because of contractions in the business cycle |
| Full Employment | occurs when cyclical unemployment with the natural rate of unemployment |
| unemployed | if they have actively searched for work in the last 4 week but are not currently employed. |
| employed | those who have worked at least one hour in the previous two weeks |
| labor force | number of employed persons plus the number of unemployed persons |
| unemployment rate | not a percentage of the population, but a percentage of the labor force that is not currently employed. |
| natural rate of unemployment | suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate. |
| U3 | To measure those who fall between the cracks of the official rate |
| U1 | Only includes people unemployed fifteen weeks or who have quit or those who have entered or re-entered the labor force. |
| U2 | Only includes people who have lost a job as opposed to those adds discouraged workers to the official unemployment rate. |
| U4 | Adds discouraged workers to the official unemployment rate |
| U5 | Includes all marginally attached workers |
| U6 | Is the most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons. |
| Efficiency wages | those that exceed the equilibrium marker wage. encourage worker productivity. |
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