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Unemployment

QuestionAnswer
Unemployed 16 and Older, not find work in last 4 weeks
Employed People worked at lease 1 hour in previous 2 weeks
Labor Force Number of employed persons and number of unemployed
Unemployment Rate Percent of labor force not currently employed (not % of population)
Labor Force Participation Rate Percent of working age population classified as either Employed or Unemployed
Marginally Attached Workers not considered in official unemployment rate (can work, just cant find job)
Discouraged Workers Given Up job search, unemployed in general sense, off the radar
Frictional Unemployment People Voluntarily enter labor force, or they are between jobs which they qualify
Structural Unemployment Job seekers' skill set not in demand, workers either move or settle for lesser jobs
Creative Destruction Innovation occurs, old tech and industries destroyed, frees up resources for new tech and industry
Efficiency Wages Exceed equilibrium market wage
Cyclical Unemployment Contractions in business cycle (not voluntary) during rescessions
Full Employment Cyclical Unemployment not present in economy (going the speed limit)
Natural Rate of Unemployment Long Level of unemployment maintains independent of inflation
Employment-to-Population Ratio Percent of working age population as Employed
Discouraged Workers U1 15 weeks or longer unemployed
Discouraged Workers U2 Lost job, but reentered work force
Discouraged Workers U3 measure those who fall between the cracks
Discouraged Workers U4 + discouraged workers to unemployment rate
Discouraged Workers U5 includes marginally attached workers
Discouraged Workers U6 part time workers
Created by: Aneesa Leonard
Popular Economics sets

 

 



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