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Ch. 14- Unemployment
Economics vocab- Where Did My Job Go?
| Term | Definition |
|---|---|
| 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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