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Ch. 14- Unemployment

Economics vocab- Where Did My Job Go?

Unemployed Not currently employed after searching for job in the last 4 weeks (must be at least 16 yrs old)
Employed Those who have worked for at least 1 hour in the previous 2 weeks
Labor Force Number of employed persons and unemployed persons put together
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 People ready and available to work who have conducted a job search withing the past 12 months, but have not searched in the last 4 weeks (not considered in official unemployment rate)
Discouraged Workers People were are unemployed in the general sense, but since they do not meet the technical definition, the official unemployment rate does not reflect their numbers
U3 Official unemployment rate
U1 People unemployed for 15 weeks or longer
U2 Only people who have lost a job as opposed to hose who have quit or those who have entered or re- entered the labor force
U4 Adds discouraged workers to the official unemployment rate
U5 All marginally attached workers
U6 Most all- inclusive measure of unemployment and includes all of the U's plus those who are employed part- time because of economic reasons
Frictional Unemployment When people voluntarily enter the labor force, or when they are between jobs for which they are qualified
Structural Unemployment When job seekers' skill sets are not in demand because of geography or obsolescence
Creative Destruction 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 (it encourages worker productivity)
Cyclical Unemployment Occurs because of contractions in the business cycle (most insidious type of unemployment; not voluntary nor is it a result of skill- set mismatch)
Full Employment Occurs when cyclical unemployment is not present in the economy (the goal that policymakers seek to maintain)
Natural Rate of Unemployment In the long run there is a level of unemployment that the economy maintains independent of the inflation rate
Created by: mheinley



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