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Unemployment

Chapter 14 vocab

TermDefinition
Unemployed The condition of not having a job but being a member of the labor force. To be considered unemployed, a person must be jobless yet has been actively searching for a job in the last four weeks.
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 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 People ready and available to work who have conducted a job search within the past twelve months but haven't searched in the last four weeks; they aren't included in official unemployment statistics.
Discouraged Workers People who have given up the job search and aren't officially classified as unemployed. Discouraged workers in the economy means that the official unemployment rate understates actual employment.
U3 The official unemployment rate.
U1 The unemployment rate that only includes people unemployed fifteen weeks or longer.
U2 The unemployment rate that only includes people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force.
U4 The unemployment rate that adds discouraged workers to the official unemployment rate.
U5 The unemployment rate that includes all marginally attached workers.
U6 The most all-inclusive measure of unemployment.
Frictional Unemployment Voluntary employment that occurs when a person enters the labor force and looks for a job. Frictional unemployment always exists in an economy.
Structural Unemployment Unemployment caused by destruction of jobs in a dying industry, a mismatch between the skills necessary for employment & seekers' skill sets, & govt. programs that create incentives to remain unemployed.
Creative Destruction The ongoing process of technological innovation and industrial decline. As one industry is being born, another is dying. The death of an industry frees up land, labor, capital, & entrepreneurship.
Efficiency Wages A wage that exceeds the market wage. Efficiency wages encourage worker productivity but also play a role in creating unemployment.
Cyclical Unemployment Unemployment associated with downturns in the business cycle. Most economists view cyclical unemployment as harmful and believe that government intervention is necessary to prevent it.
Full Employment The level of employment that exists when the economy is being productively efficient. Full employment is associated with an economy at the natural rate of unemployment.
Natural Rate of Employment The rate of unemployment when there is no cyclical unemployment present in the country. This is thought to be independent of the inflation rate.
Created by: schristie
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