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Chp 14:unemployment

TermDefinition
unemployed sixteen years of age or older are considered unemployed if they actively searched for work in the last four weeks but are currently not employed.
employed are those who have worked at least one hour in the previous two weeks
labor force the number of employed plus unemployed people age sixteen and over
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 people ready and available to work who have conducted a job search within the past 12 months but have not searched in the last 4 weeks and are therefore not included in official unemployment statics
discouraged workers people who have given up the job search and are officially classified as unemployed
structural unemployment caused by permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers' skill set, and government programs that create incentives to remain unemployed
frictional unemployment voluntary unemployment that occurs when a person enters the labor force and looks for a job. A recent graduate looking for her first job out of college would be an example of frictional unemployment
creative destruction ongoing process of technological innovation and industrial decline.
U3 the official unemployment rate
U1 the unemployment rate that only includes people unemployed fifteen weeks or longer
U5 the unemployment rate that includes all marginally attached workers
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
U6 the most all-inclusive measure of unemployment as published by the BLS. Includes all those listed in U1-U5 plus those who are employed part time because of economic reasons
U4 the unemployment rate that adds discouraged workers to the official unemployment rate
efficiency wages a wage that exceeds the market wage. Encourages worker productivity but also plays a role in creating unemployment
cyclical unemployment unemployment associated with downturns in the business cycle. most economist view this as harmful and believe that government intervention is necessary to prevent it from occuring
full employment the level of employment that exist when the economy is being productively efficient
natural rate of unemployment the rate of unemployment that exist when there is no cyclical unemployment present in the economy. The natural rate of unemployment is thought to be independent of the inflation rate
Created by: juliabowman