Unemployment vocab
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| Unemployed | If they have actively searched for work in the last 4 weeks but aren't currently employed
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| Employed | Those that have worked at least 1 hour in the past 2 weeks
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| Labor force | # of employed persons + # of unemployed persons
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| Unemployment rate | % o the labor force that is not currently employed
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| Labor Force Participation Rate | % of the working age population classified as either employed or unemployment
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| Employment-to-population ratio | % of the working age population that is classified as employed
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| Marginally attached workers | Ready and available to work
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| Discouraged workers | Do not meet the technical definition
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| U3 | Those who fall between the cracks of the official rate.
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| U1 | People unemployed 15 weeks or longer
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| U2 | People who have lost a job
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| U4 | Discouraged workers to the official unemployment rate
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| U5 | Marginal attached workers
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| U6 | All-inclusive measure of unemployment and includes all of the above + those who are employed part time
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| Frictional unemployment | When people voluntarily enter the labor force, or when they are between jobs for which they are qualified
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| Structual unemployment/creative destructio | When job seekers' skills sets are not in demand because of geography or obsolescence
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| Efficiency wages | Those that exceed the equilibrium market wage
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| Cyclical unemployment | Occurs because of contractions in the business cycle
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| Full employment | When cyclical unemployment is not present in the economy
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| Natural Rate of Unemployment | In the long run there is a level of unemployment that the economy maintains independent of the inflation rate
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