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Chapter 14

Vocab list-Unemployment

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 if employed plus unemployed people age sixteen and older.
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.
Employment to population ratio The number of employed people divided by the working age population.
Marginally attached workers These people are ready to work who have conducted a job search in the last 12 months but not in the last four weeks, therefore not included in official employment.
Discouraged workers People for whatever reason have given up the job search and are not classified as unemployed.
U1 The unemployed rate that 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 reentered the labor force.
U3 Unofficial employment rate published by the BLS.
U4 Unemployment rate that adds discouraged workers to the official unemployment rate.
U5 Unemployment rate that includes all marginally attached workers, published by the BLS.
U6 Most all inclusive measure of unemployment.
Frictional unemployment Voluntary unemployment that occurs when a person enters the labor force looking for a job.
Structural unemployment Unemployment that is caused by the permanent destruction of jobs in the dying industry, mismatch between the skills necessary for employment.
Creative destruction Ongoing process of technological innovation and industrial decline.
Efficiency wages A wage that exceeds the market wage.
Cyclical employment 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: desisanchez
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