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Chapter 14

vocab

TermDefinition
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
Created by: nlaguna16
 

 



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