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CH 14 Econ

QuestionAnswer
Employment to population ratio the 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 within the past twelve months, not search in four weeks
discouraged workers unemployed in the general sense
U1 includes people unemployed fifteen weeks or longer
U2 unemployment rate that only includes people who have lost a job as opposed to those who have quit.
U3 the official unemployment rate
U4 unemployment rate that adds discouraged workers to the official unemployment rate
U5 unemployment rate that includes all marginally attached workers
U6 the most all inclusive measure of unemployment.
Frictional Unemployment Voluntary unemployment that occurs when a person enters the labor force and looks for a job. Recent graduate looking for her first time job
Structural unemployment Unemployment that is caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers skill sets.
Creative destruction As one industry is being born, another dies or is destroyed.
Efficiency wages exceed the equilibrium market wages
Cyclical unemployment Unemployment associated with downturns in a 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.
employed the condition of having a job
unemployed not having a job
labor force 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
Created by: jpestfan
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