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Chapter 14
| Question | Answer |
|---|---|
| Unemployed | They have actively searched for work in the last four weeks but are not currently employed. |
| Employed | Those who have worked at least one hour in the previous two weeks. |
| Labor Force | The number of employed persons plus the number of unemployment persons. |
| Unemployment rate | A percentage of the labor force that is not currently employed. |
| Labor force participation rate | The percentage of the working age population classified as either employed or unemployed. |
| Employment-to-population ratio | The percentage of the working age population that is classified as employed. |
| Marginally attached workers | People who are ready and available to work, who have conducted a job search within the past twelve months, but have not searched in the last four weeks. |
| Discourage workers | People who, for whatever reason, have given up the job search and are not officially classified as unemployed. |
| Frictional unemployment | When people voluntarily enter the labor force, or when they are between jobs for which they are qualified. |
| Structural unemployment | When job seekers' skill sets are not in demand because of geography or obsolescence. |
| Creative destruction | A term coined by economist Joseph Schumpeter that refers to the ongoing process of technological innovation and industrial decline. |
| 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. |
| U1 | Includes people unemployed fifteen weeks or longer. |
| U2 | 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. |
| U3 | The measure of those who fall between the cracks of the official rate. |
| U4 | Adds discouraged workers to the official unemployment rate. |
| U5 | Includes all marginally attached workers. |
| U6 | The most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons. |
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