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Chapter 14

TermDefinition
Unemployed You've been actively searching for work for more than four weeks and are currently not employed
Employed You've worked at least one hour in the past two weeks
Labor Force The number of employed persons plus the number of unemployed persons
Unemployment Rate The percentage of the labor force that isn't employed
Employment-to-Population Ratio The percentage of the working age population that is considered employed
Marginally Attached Workers People who are available to work, have been conducting a job search in the past year, but haven't searched in the last for weeks
Discouraged Workers Unemployed, but the official unemployment rate doesn't reflect their numbers
Frictional Unemployment When people voluntarily enter the labor force
Structural Unemployment When job seeker's skills aren't in demand because of geography
Efficiency Wages Wages that exceed the equilibrium market wage
Cyclical Unemployment Being let go because of major budget cuts
Full Employment When people all have structured jobs
Natural Rate of Unemployment Level of unemployment that in the long run the economy maintains independent of the inflation rate
U3 Those who fall between the cracks of the official unemployment rate
U1 Those who are unemployed 15 weeks or longer
U2 Those who have lost a job
U4 Those who are discouraged workers
U5 Those who are marginally attached workers
U6 All of the other categories, plus those unemployed from economic reasons
Creative Destruction Old technologies and industries are destroyed and replaced with newer ones
Labor Force Participation Rate The percentage of the working age classified as employed or unemployed
Created by: nspaulding16
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