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Ch 14
21 vocab terms
| Term | Definition |
|---|---|
| Unemployed | the condition of not having a job but being a member of the labor force. To be considered as this, 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 that last four weeks and are therefore not included in official unemployment statistics |
| Discourage 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 incentive 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 that market wage. Encourage 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 not cyclical unemployment present in the economy. It is through to be independent of the inflation rate |
| U1 | the unemployment rate that only includes people in employment 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 labor force |
| U3 | the official unemployment rate |
| U4 | the unemployment rate that adds discourage 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:
jcabrera16
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