economics vocab
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each of the black spaces below before clicking
on it to display the answer.
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| unemployed | The condition of not having a job but being a member of the labor force.
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| employed | The condition of having a job.
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| labor force | The number of employed plus unemployed people age sixteen and over.
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| unemployment rate | The unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force.
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| labor force participation rate | The labor divided force by the working age population.
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| employment-to-population-rate | The number of employed people divided by the working age population.
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| Marginally attached workers | These are people ready and available to work who have applied in the past 12 months but no the pastn 4 weeks.
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| "discouraged workers" | people who have given up the job search.
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| U1 | The unemployment rate which includes people unemployed 15 weeks or longer.
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| U2 | Unemployment rate which only includes people who have lost their jobs.
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| U3 | The official unemployment rate posted by the BLS
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| U4 | The unemployed rate that adds discouraged workers.
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| U5 | The unemployment rate that includes all marginally attached workers
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| u6 | The most all-inclusive measure of unemployment as published by the BLS.
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| Frictional unemployment | Voluntary unemployment that occurs when a person enters the labor force and looks for a job.
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| Structural unemployment | unemployment that is caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers' skill sets, and government programs that create incentives to remain unemployed.
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| creative destruction | when one industry dies then a new one takes up it's land, labor, capital, and entrepreneurship.
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| Efficiency wages | A wage that exceeds the market wage, they pay workers more but take jobs away.
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| Cyclical unemployment | unemployment associated with downturns in the business cycle
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| Full employment | The level of employment exists when the economy is being productively efficient.
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| natural rate of employment | The rate of unemployment that exists when their is no cyclical unemployment present in the economy
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