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Unemployment

HAHAHA

TermDefinition
unemployed those who have actively searched for work in the last four weeks but are not currently employed
employed those who have worked at least one hour in the previous two weeks
labor force people who meet neither criterion are not considered in the labor force
unemployment rate percentage of the labor force that is not currently employed
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 those who are not considered in the official unemployment rate
frictional unemployment occurs when people voluntarily enter the labor force or when they are between jobs fr which they are qualified
structural unemployment occurs when job seekers' skill sets are not in damand because of geography or obsolescence
efficiency wages those that exceed the equilibrium market wage
cyclical unemplyment occurs because of the contractions in the business cycle
full employment occurs when cyclical unemployment is not present in the economy
natural rate of unemplyment the level of unemployment that economy maintains independent of the inflation rate.
discouraged workers those who are ready and available to work who have conducted a job search within the past twelve months.
U3 official unemployment rate
U1 only includes people employed fifteen weeks or longer
U2 only includes people who have lost a job as opposed to those who have entered or re-entered the labor force
U4 adds discouraged workers to the official unemployment rate
U5 includes all marginally attached workers
u6 includes all of the above plus those who are employed part-time because of economic reasons
creative destruction causes the structural unemployment
Created by: TravisLockett
Popular Economics sets

 

 



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