Unemployment/ Employment
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| Unemployment | People that are 16 years and older, have actively searched for work in the last four weeks, but aren't currently employed
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| Employed | Those who have worked at least one hour with in the last two weeks
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| Labor Force | Number of employed people plus the number of unemployed poeple
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| Unemployment Rate | Percentage of the labor force that is not currently employed
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| Labor Force Participation Rate | The percentage of the working age population classified as either employed or unemployed
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| Employment to Population Ratio | The percentage of the working age population that is classified as employed
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| Marginally Attached Workers | Ready and available to work, who have conducted a job search with-in the past 12 months, but didn't search in the last 4 weeks
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| Discouraged Workers | Unemployed because they don't meet the general technical definition
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| U-3 | Fall between the cracks of the official rate
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| U-1 | People unemployed 15 weeks or longer
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| U-2 | People who lost their job as opposed to those who have quit or those who entered or re- entered the labor force
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| U-4 | Discouraged workers to the official unemployment rate
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| U-5 | Marginally attached workers
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| U-6 | Includes all the above plus those who are employed part-time because of economic reasons
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| Frictional Unemployment | People voluntarily enter the labor force, or when they are in between jobs for which they are qualified
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| Structural Unemployment | Job seekers skill sets are not in demand because of geography or obsolescence
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| Creative Destruction | Old technologies and industries are destroyed which frees up the resources for new technology and its industry
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| Efficiency Wages | Exceed the equilibrium market wage
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| Cyclical Unemployment | Contractions in the business cycle
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| Full employment | Occurs when cyclical unemployment is not present in the economy
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| Natural of Unemployment | Level of unemployment that the economy maintains independent of the inflation rate
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