Honors Econ. study terms
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| Labor force participation | Percentage of the working age population classified as either employed or unemployed
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| Employment-to-population ratio | Percentage of the working age population that is classified as employed
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| Marginally attached works | Not an official unemployment rate. Willing to work; job search within the last 12 months
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| Discouraged workers | Unemployed in general sense; Full time workers have lost jobs because of part time
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| Fictional unemployment | Occurs when people voluntarily enter the labor force, or when they are between jobs for which they qualify.
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| Structural unemployment | Occurs when job seeker's skill sets are not in demand because of geography or obsolence
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| Creative destruction | Founded by Joseph Schumpeter; structural unemployment is an outcome of creative destruction
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| Cyclical unemplyment | occurs because of contractions in the business cycle
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| Full Employment | occurs when cyclical unemployment with the natural rate of unemployment
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| unemployed | if they have actively searched for work in the last 4 week 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 | number of employed persons plus the number of unemployed persons
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| unemployment rate | not a percentage of the population, but a percentage of the labor force that is not currently employed.
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| natural rate of unemployment | suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate.
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| U3 | To measure those who fall between the cracks of the official rate
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| U1 | Only includes people unemployed fifteen weeks or who have quit or those who have entered or re-entered the labor force.
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| U2 | Only includes people who have lost a job as opposed to those adds discouraged workers to the official unemployment rate.
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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 | Is the most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons.
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| Efficiency wages | those that exceed the equilibrium marker wage. encourage worker productivity.
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