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| unemployed | those who have actively searched for work in the last four weeks 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 | people who meet neither criterion are not considered in the labor force
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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 the working age population that is classified as employed
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| marginally attached workers | those who are not considered in the official unemployment rate
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| frictional unemployment | occurs when people voluntarily enter the labor force or when they are between jobs fr which they are qualified
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| structural unemployment | occurs when job seekers' skill sets are not in damand because of geography or obsolescence
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| efficiency wages | those that exceed the equilibrium market wage
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| cyclical unemplyment | occurs because of the contractions in the business cycle
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| full employment | occurs when cyclical unemployment is not present in the economy
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| natural rate of unemplyment | the level of unemployment that economy maintains independent of the inflation rate.
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| discouraged workers | those who are ready and available to work who have conducted a job search within the past twelve months.
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| U3 | official unemployment rate
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| U1 | only includes people employed fifteen weeks or longer
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| U2 | only includes people who have lost a job as opposed to those who have entered or re-entered the labor force
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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 | includes all of the above plus those who are employed part-time because of economic reasons
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| creative destruction | causes the structural unemployment
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