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Chapter 14
vocab
| Term | Definition |
|---|---|
| Unemployed | The condition of not having a job but being a member of the labor force |
| 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 | The labor force divided by the working age population |
| Marginally Attached workers | These are people ready and available to work who have conducted a job search within the past twelve months but have not searched in the last four weeks and are therefore not included in official unemployment statistics |
| Discouraged workers | People who, for whatever reason, have given up the job search and not officially classified as unemployed |
| U1 | The unemployment rate that only includes people unemployed fifteen weeks or longer |
| 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 |
| U3 | The official unemployment rate |
| U4 | The unemployment rate that adds discouraged workers to the official unemployment rate |
| U5 | The unemployment rate that includes all marginally attached workers |
| U6 | The most all-inclusive measure of unemployment |
| Employment-to-population ratio | The number of employed people divided by the working age population |
| 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 |
| Creative destuction | A term coined by economist Joseph Schumpeter that refers to the ongoing process of technological innovation and industrial decline |
| Efficiency wages | A wage that exceeds the market wage |
| Cyclical unemployment | Unemployment associated with downturns in the business cycle |
| Full employment | The level of employment that exists when the economy is being productively efficient |
| Natural rate of unemployment | The rate of unemployment that exists when there is no cyclical unemployment present in the economy |
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