Econ unemployment and employment
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| Unemployed | If you have actively searched for a job in the past 4 weeks without getting one
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| Employed | If you have worked at least one hour in the past 2 weeks
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| Labor force | Number of employed and unemployed people
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| Employment to population ratio | Percentage of working age population classified employed
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| Labor force participation rate | Percentage of working age population either employed or unemployed
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| Marginally attached Workers | People ready and available to work and have conducted a job search in the past 12 months
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| Discouraged workers | People who have given up the job search in frustration
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| U1 | Only includes people unemployed for 15 weeks or longer
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| U2 | Only people who have lost jobs
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| U3 | Official unemployment rate
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| U4 | Adds discouraged workers to official unemployment rate
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| U5 | Includes all marginally attached workers
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| U6 | All of the above plus part timers
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| Frictional Unemployment | When people voluntarily enter the workforce or when they are between jobs they qualify for
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| Structural unemployment | When job seekers skills sets are not in demand
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| Creative destruction | Innovation occurs old technology and industries are destroyed
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| Efficiency wages | Those that exceed the equilibrium market wage
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| Cyclical unemployment | Caused by contractions in the business cycle
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| Full Employment | When cyclical unemployment is not present
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| Natural rate of unemployment | There is a level of unemployment that the economy maintains independent of the inflation rate
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| unemployment rate | Percentage of unemployed people in the labor force
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Created by:
jkilhoffer
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