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Economy Ch. 14

Unemployment

QuestionAnswer
Unemployed The condition of not having a job but being a member of the labor force. Must be jobless, yet actively search for a job in the last four weeks.
Employed The condition of having a job.
Labor Force The number of unemployed plus unemployed people age 16 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.
Unemployment-to-population ratio Percentage of the working age population that is classified as employed.
Marginally attached workers These are people ready and available to work who have conducted job search within the past 12 months but have not searched in the last 4 weeks and aren't included in the unofficial unemployment statistics.
"discouraged workers" People who have given up job searches and are not officially classified as unemployed
U1 The unemployment rate that only includes people unemployed 15 weeks or longer, as published by the BLS.
U2 The unemployment rate that only includes people who have lost a job as opposed to those who have quit or to those who have entered or re-entered the workforce
U3 The official unemployment rate published by the BLS.
U4 The unemployment rate that adds discouraged workers to the official unemployment rate, as published by the BLS.
U5 The unemployment rate that includes all marginally attached workers, as published by the BLS.
U6 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 economics reasons.
Frictional unemployment Voluntary unemployment that occurs when a person 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 employment skills and the seekers' skill sets, and government programs that create incentives to remain unemployed.
Creative destruction Ongoing process of technological innovation and industrial incline.
Efficiency wages A wage that exceeds the market wage.
Cyclical unemployment Unemployment associated with downturns in the 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.
Created by: kenmunoz
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