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Unemployment
economy where did my job go
| Question | Answer |
|---|---|
| unemplyed | The condition of not having a job but being a member of the labor force. A person that is jobless but atcively searching for a job |
| employed | The condition of having a job |
| labor force | the number of employed plus unemployed people age sixteen and over |
| unemployment rate | The unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force. |
| labor force participation rate | labor force divided by the working age of population |
| marginally attached workers | these people ready and available to work who have conducted a job search within the past twelve months but have not search in the last four weeks unemployment statistics |
| discouraged workers | people who for whatever reason have given up the job search and are not officially classify a unemployed |
| U1 | The unemployment rate that only includes people unemployed fifteen weeks or longer, as published by the BLS |
| 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 or re-entered the labor force, as publish by the BLS. |
| U3 | The official unemployment rate published by the BLS |
| U4 | The unemployment rate that adds discourage workers to the official unemployment rate as published by the BLS. |
| U5 | The unemployment rate that includes all marginally attached workers, as published by the BLS. |
| U6 | The most all inclusive measure of unemployment as published by the BLS, Includes all listed in U!-U5 plus those who are employed part time because of economic reasons. |
| Frictional Unemployment | Voluntary unemployment that occurs when a person enters the labor force and looks for a job. |
| Structural unemployment | Unemployment that is caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers skill sets and government programs that created incentives to remain unemployed. |
| creative desstruction | Policy conducted by either government or the central bank that seeks to limit and inflation reduction on spending, raising taxes and money supply |
| Efficiency wages | A wage that exceeds the market wage. |
| Cyclical unemployment | Unemployed associated with downturns in the business cycle. |
| Full employment | the level of employment that exist when the economy is being productive efficient. |
| natural rate of unemployment | the rate of unemployed that exist when there is no cyclical unemployment present in the economy |
Created by:
vazquez16
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