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Unemployment Vocab

Economics Unemployment Vocab

TermDefinition
Unemployed Persons age 16 and older who have actively searched for a job in the last four weeks but are not currently employed
Employed Have worked at least one hour in the last two weeks
Labor Force Participation Rate 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 Workers Not considered in the unemployment rate; Have searched for work in the past twelve months but not the last four weeks
"Discouraged Workers" Given up on the job search; not included in the unemployment rate
U3 The official unemployment rate
U1 Only includes people unemployed for fifteen weeks or longer
U2 Only people who have lost a job as opposed to quitting or entering/re-entering the labor force
U4 Adds discouraged workers to the official rate
U5 Includes marginally attached workers
U6 The most inclusive; Included all of the other rates and part time workers
Frictional Unemployment Occurs when people voluntarily enter the labor force or when b/w jobs they are qualified for
Structural Unemployment When job seekers' skill sets are no in demand because of geography or obsolescence
Creative Destruction An innovation occurs, old technologies and industries are destroyed, which frees up the resources for the new technology and its industry
Efficiency Wages Those that exceed the equilibrium market wages; purpose is to encourage the worker productivity
Cyclical Unemployment Occurs because of contractions in the business cycle; not voluntary; creates a feedback loop
Full Employment Occurs when cyclical unemployment is not present in the economy; associated with the natural rate of unemployment
Labor Force The number of employed persons plus the number of unemployed persons
Natural Rate of Unemployment The rate of unemployment that exists when there is no cyclical unemployment present in the economy; thought to be independent of the of the inflation rate
Unemployment Rate The percentage of the labor force that is not currently employed
Created by: haileyfink
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