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econ unemployment
ch.14
| Term | Definition |
|---|---|
| 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 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 | these are people 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 and are therefore not included in official unemployment statistics. |
| "discouraged workers" | people who, for whatever reason, have given up the job search and are not officially classified as unemployed |
| U3 | the official unemployment rate published by the BLS |
| U1 | the unemployment rate that only includes people unemployed fifteen 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 those who have entered or reentered the larbor force, as 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 | the 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 economic reason |
| frictional unemployment | voluntary unemployment that occurs when a person enters the labor fore and looks for a job |
| structural unemployment | unemployment that is caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers' skill sets, and government programs that create incentives to remain unemployed |
| 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 |
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