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Unemployment
Mr. Steuter Econ Chapter 14 Vocab
| Term | Definition |
|---|---|
| unemployed | have actively searched for work in the last four weeks but are not currently employed |
| employed | have 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 | the percentage of the labor force that is not currently employed |
| labor force participation rate | the percentage of the working age population classified as either employed or unemployed |
| employment-to-population ratio | the percentage of the working age population that is classified as employed |
| marginally attached workers | people who are ready and available to work, who have conducted a job search within the past twelve month, but have not searched in the last four weeks. |
| discouraged workers | unemployed in the general sense, but because they do not meet the technical definition, the official unemployment rate does not reflect their numbers |
| U1 | people unemployed fifteen weeks or longer |
| U2 | people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force |
| U3 | measure those who fall between the cracks of the official rate |
| U4 | adds discouraged workers to the official unemployment rate |
| U5 | includes all marginally attached workers |
| U6 | the most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons |
| frictional unemployment | occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified |
| structural unemployment | occurs when job seekers' skill sets are not in demand because of geography or obsolescence |
| creative destruction | the process in which old technologies and industries are destroyed, which frees up the resources for the new technology and its industry |
| efficiency wages | those that exceed the equilibrium market wage |
| cyclical unemployment | occurs because of contractions in the business cycle |
| full employment | occurs when cyclical unemployment is not present in the economy |
| natural rate of unemployment | the level of unemployment that the economy maintains independent of the inflation rate |
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