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economics

economics 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 divided force by the working age population.
employment-to-population-rate The number of employed people divided by the working age population.
Marginally attached workers These are people ready and available to work who have applied in the past 12 months but no the pastn 4 weeks.
"discouraged workers" people who have given up the job search.
U1 The unemployment rate which includes people unemployed 15 weeks or longer.
U2 Unemployment rate which only includes people who have lost their jobs.
U3 The official unemployment rate posted by the BLS
U4 The unemployed rate that adds discouraged workers.
U5 The unemployment rate that includes all marginally attached workers
u6 The most all-inclusive measure of unemployment as published by the BLS.
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, a mismatch between the skills necessary for employment and the seekers' skill sets, and government programs that create incentives to remain unemployed.
creative destruction when one industry dies then a new one takes up it's land, labor, capital, and entrepreneurship.
Efficiency wages A wage that exceeds the market wage, they pay workers more but take jobs away.
Cyclical unemployment unemployment associated with downturns in the business cycle
Full employment The level of employment exists when the economy is being productively efficient.
natural rate of employment The rate of unemployment that exists when their is no cyclical unemployment present in the economy
Created by: martin27