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Unemployment

Terms from Chapter 14

TermDefinition
Unemployed those that have actively searched for work for the past 4 weeks but have not found work
employed those that have worked at least 1 hour in the past two weeks
labor force the number of employed and unemployed
unemployment rate percentage of labor force that are not employed
labor force participation rate percentage of the working age population classified as either employed or unemployed
employment-to-population ratio percentage of working age population that is classified as employed
marginally attached workers people that are ready and available to work that have searched for a job in the past 12 months but not in the past 4 weeks; therefore not included in official unemployment statistics
discouraged workers people that have given up the job search and are not officially classified as unemployed
U1 unemployment rate that includes those unemployed for 15 weeks or longer
U2 unemployment rate of those that have lost a job
U3 official unemployment rate
U4 the unemployment rate that adds the discouraged workers
U5 includes all marginally attached workers
U6 includes those listed in U1-U5 plus those employed part time
frictional unemployment voluntary unemployment that occurs when someone enters the labor force and looks for a job
structural unemployment unemployment caused by the permanent destruction of jobs
creative destruction the process of technological innovation and industrial decline that frees up the land, labor, capital, and entrepreneurship that can be employed in the new industry
efficiency wages wages that exceed the market wages
cyclical unemployement unemployment associated with the downturns in the business cycle
full employment the level of unemployment that exists when the economy is being productively efficient
natural rate of unemployment the rate of employment that exists when there in no cyclical unemployment present in the economy
Created by: jakeschiguy
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