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Unemployment
Chapter 14; honors economics
| Term | Definition |
|---|---|
| Unemployed | a person 16 years of age, or older, that have actively searched for work in the last 4 weeks |
| Employed | a person who has worked at least one hour in the previous two weeks |
| Labor Force | the number of employed persons plus the number of unemployed persons |
| Unemployment Rate | a percentage of the labor force that is not currently employed unemployed/labor force |
| Labor Force Participation Rate | % of the working age population classified as either employed or unemployed |
| Employment-to-Population Ratio | % of the working age population classified as emplyed |
| Marginally Attached Workers | people ready and available to work, who have conducted a job search within the past 12 months, but not searched in the past 4 weeks |
| "Discouraged Workers" | is a person of legal employment age who is not actively seeking employment or who does not find employment after long-term unemployment |
| U1 | persons unemployed 15 weeks or longer |
| U2 | job losers and persons who completed temporary jobs |
| U3 | total unemployed (official unemployment rate) |
| U4 | total unemployed plus discouraged workers |
| U5 | total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force |
| U6 | total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons |
| Frictional Unemployment | occurs when people voluntary enter the labor force, or when they are between jobs for which qualified |
| Structural Unemployment | occurs when job seekers skill sets are not in demand because of geography or obsolescence |
| Creative Destruction | innovation occurs, old technologies and industries are destroyed, which frees up resources for the new technology and its industry |
| Efficiency Wages | exceed the equilibrium wage |
| Cyclical Unemployment | is the fluctuating rate of unemployment resulting from swings in the business cycle |
| Full Employment | occurs when cyclical unemployment is not present in the economy |
| Natural Rate of Unemployment | the sum of structural and frictional unemployment is referred; there is a level of unemployment that the economy maintaining independent of the inflation rate |
Created by:
denializeth
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