Unemployment/employment vocab
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each of the black spaces below before clicking
on it to display the answer.
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| unemployed | people sixteen or older who have searched for work in the last four weeks, but are not currently employed
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| employed | those who have worked at least one hour in the previous two weeks
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| labor force | the number of employed persons plus the number of unemployed persons
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| unemployment rate | a 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 | people ready and available to work, who have conducted a job search within the past twelve months
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| "discouraged workers" | people who have given up the job search in frustration
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| U3 | used to measure those who fall between the cracks of the official rate
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| U1 | only includes people unemployed fifteen weeks or longer
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| U2 | only 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
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| U4 | adds discouraged workers to the official unemployment rate
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| U5 | includes all marginally attached workers
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| U6 | includes all of 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 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 | innovation occurs, old technology/industires destroyed, which frees up the resources for the new technology and its industry
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| efficiency wages | those that exceed the equilibrium market wage
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| cyclical unemploymemt | contractions in the business cycle
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| full employment | cyclical unemployment is not present in the economy
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| natural rate of unemployment | lowest rate of unemployment that an economy can sustain over the long run
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