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Unemployment

Steuter ch 14 Unemployment vocab

TermDefinition
Unemployment Persons sixteen years of age or older who have actively searched for work in the last for weeks but are not currently employed
Employment Those who have worked at least one hour in the previous two weeks
Unemployment rate The percent of the labor force that is currently unemployed
Labor Force participation rate It it the percent of the working age population that is classified as employed
Marginally attached workers They are the people ready and available to work who have conducted a job search within the past twelve months but have not searched in the past four weeks
Discouraged Workers People who have given up the job search in frustration.
U1 Ope unemployed 15 weeks or longer
U2 People who lost a job compared to those who quit or those who entered or re entered
U3 measure those who fall between the crack of the official rate
U4 discouraged workers to official unemployment rate
U5 marginally attached workers
U6 all inclusive measure that measures those above plus part time because of economic reasons
Frictional Unemployment People voluntary enter the labor force , or when they are between jobs for which they are qualified
Structural Unemployment occurs when job seekers skills sets are not in demand because of geography or obsolescence
Creative Destruction as innovation occurs, old technologies and industries are destroyed which frees up the resources for the new technologies and its industries
Efficiency Wages are these the exceed the equilibrium market wages
Cyclical Unemployment occurs because of contractions in the business cycle
Full Employment occurs when cyclical unemployement is not present int the economy
Natural rate of unemployement rate of unemployment that exists when no cyclical unemployment present in economy
Labor Force Number of employed persons plus the number of employed persons
Created by: rnavarrete15
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