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ch 14 unemployment
e co nomi cs
| Term | Definition |
|---|---|
| Unemployed | actively searching for work in last four weeks but are not currently employed |
| Employed | Are those who have workers at least one hour of work in the previous two weeks |
| Labor Force | is the number of employed people plus the number of unemployed person |
| Unemployment Rate | percentage of the labor force that is not currently employed |
| Labor Force Participation Rate | is the percentage of the working age population classified as either employed or unemployed |
| Employment-to-Population Rate | is the percentage of the working age population that is classified as employed |
| Marginally Attached Workers | Are people that are ready and available to work, who have conducted a search within the past twelve months, but not within the last 4 weeks. |
| Discourged Workers | are unemployed in the general sense but because they do not meet the technical defintion |
| U3 | to measure those who fall between the cracks of official rate |
| U1 | Only includes people unemployed fifteen weeks or longer |
| U2 | Only includes people who have lost a job as opposed to those who have quit or those who have entered re-entered the labor fore. |
| U4 | Adds discouraged workers to the official unemployment rate |
| U5 | includes all marginally attached workers |
| U6 | is the most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons |
| Frictional Unemployed | Occurs when people voluntary enter the labor force, or they are between Jobs for which they are qualified |
| Structural Unemployment | Occurs when job seeker's skill sets are not in demand because of geography or obsolescence |
| Creative Destrustion | as innovation occurs, old technologies and industries are destroyed which frees up the resources for new technology and its industry |
| Efficiency Wages | are those that exceed the equilibrium market wage; higher wages at one place than the competition make workers more productive. |
| Cyclical Unemployment | occurs because of contractions in the business cycle |
| Full Employment | occurs when cyclical unemployment is not present in the economy |
| Natural Rate of Unemployment | In the long run, there is a level of unemployment maintained regardless of the inflation rate. |
Created by:
holbro703
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