Chapter 14 Vocabulary
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| Unemployed | Persons 16 years or older without a job who have actively seeked employment in the passed 4 weeks
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| Employed | Those who have worked at least 1 hour in the previous 2 weeks
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| Labor Force | Number of employed people added to the number of unemployed
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| Unemployment Rate | Percentage of the labor force that is not currently employed
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| Labor Force Participation Rate | Percentage of the working age population classified as either employed or unemployed
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| Employment-to-Population Ratio | Percentage of working age population that is classified as employed
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| Marginally Attached Workers | Looked for a job in the past 12 months, but not the past 4 weeks
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| Discouraged Workers | Those who have given up on the job search
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| U1 | Includes those who have been unemployed 15 weeks or longer
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| U2 | Includes those who have lost a job, but have not quit
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| U3 | The official unemployment rate
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| U4 | Includes discouraged workers
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| U5 | Includes marginally attached workers
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| U6 | Includes all types of workers from U1-U5 as well as part-time workers
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| Frictional Unemployment | People voluntarily enter the work force; people in between jobs they are qualified for
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| Structural Unemployment | The job seeker's skill set is not in demand due to geography or obsolescence
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| Cyclical Unemployment | Occurs due to contractions in the business cycle; involuntary; creates a feedback loop
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| Full Employment | Occurs when cyclical unemployment is not present in the economy
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| Natural Rate of Unemployment | The theory that there is a level of unemployment that the economy maintains independent of inflation rate
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| Creative Destruction | Innovation occurs which results in the destruction of old technologies and industries
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| Efficiency Wages | Wages that exceed market equilibrium and encourage worker productivity
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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