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Chapter 14 Vocabulary

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show Persons 16 years or older without a job who have actively seeked employment in the passed 4 weeks  
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show Those who have worked at least 1 hour in the previous 2 weeks  
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show Number of employed people added to the number of unemployed  
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show Percentage of the labor force that is not currently employed  
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show Percentage of the working age population classified as either employed or unemployed  
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Employment-to-Population Ratio   show
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show Looked for a job in the past 12 months, but not the past 4 weeks  
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show Those who have given up on the job search  
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U1   show
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U2   show
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U3   show
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U4   show
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U5   show
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show Includes all types of workers from U1-U5 as well as part-time workers  
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Frictional Unemployment   show
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show The job seeker's skill set is not in demand due to geography or obsolescence  
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show Occurs due to contractions in the business cycle; involuntary; creates a feedback loop  
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show Occurs when cyclical unemployment is not present in the economy  
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show The theory that there is a level of unemployment that the economy maintains independent of inflation rate  
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Creative Destruction   show
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show Wages that exceed market equilibrium and encourage worker productivity  
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Created by: croy15
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