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Econ
| Term | Definition |
|---|---|
| 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 actively searching for a job by having searched 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 | It is equal to the number of unemployment 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 |
| Frictional unemployment | Voluntary unemployment that occurs when a person enters the labor force 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 set, 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 an industrial decline. |
| efficiency wages | A wage that exceeds the market wage. Encourages worker productivity but also plays a role in creating unemployment. |
| 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. Associated with an economy at the natural rate of unemployment. |
| natural rate of unemployment | The rate of unemployment that exists when there is no cyclical unemployment present in the economy. The natural rate of unemployment is thought to be independent of the inflation rate. |
| U1 | The unemployment rate that only includes people unemployment fifteen weeks of 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 labor force |
| U3 | The official unemployment rate |
| 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 includes U1-U5 |
Created by:
jgarcia16
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