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Unemployment

chapter 14 of the econ book

TermDefinition
unemployed Persons 16 and older are considered unemployed if they have actively searched for work in the last 4 weeks but are not currently employed
employed The employed are those who have worked at least one hour in the previous two weeks
labor force The labor force is the number of employed persons plus the number of unemployed persons
unemployment rate The unemployment rate is a percentage of the labor force that is not currently employed; examples: full-time students, the retired, stay at home parents, the disabled, the institutionalized
labor force participation rate The labor force participation rate is the percentage of the working age population classified as either employed or unemployed
unemployment-to-population ratio The unemployment-to-population ratio is the percentage of the working age population that is classified as employed
marginally attached workers Marginally attached workers are ready and available to work, who have conducted a job search within the past twelve months, but not the past four weeks
discouraged workers Discouraged workers are the people who have given up the job search in frustration; they are unemployed generally, but the official unemployment rate does not reflect their numbers
U1 The unemployment rate that only includes people unemployed fifteen weeks or more
U2 The unemployment rate that only includes people who have lost a job as opposed to those who have quit or those who have entered/re-entered the job force
U3 The official unemployment rate
U4 The unemployment rate that adds discouraged workers to the official unemployment rate
U5 The unemployment rate that includes all marginally attached workers
U6 The unemployment rate that includes all of the above plus those who are employed part-time because of economic reasons
frictional unemployment Frictional unemployment occurs when people voluntarily enter the labor force, or when they are between jobs
structural unemployment Structural unemployment occurs when job seekers' skill 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 technology and its industries; structural unemployment is often the outcome of this
efficiency wages Efficiency wages are wages that exceed the equilibrium market wage
cyclical unemployment Cyclical unemployment occurs because of contractions in the business cycle
full employment Full employment occurs when cyclical unemployment is not present in the economy
natural rate of unemployment There is a level of unemployment that the economy maintains independent of the inflation rate; the idea is that left alone, the economy will maintain full employment and experience the natural rate of unemployment most of the time
Created by: misako
 

 



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