Econ Chapter 14
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| Who is considered unemployed? | a person 16 years or older is considered unemployed if they have been actively looking for a job or the past 4 weeks
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| Who is considered employed? | people who have worked at least 1 hour in the previous 2 weeks
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| Labor force | number of employed persons plus number of unemployed persons
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| Unemployment rate | percent of the labor force that is currently unemployed
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| Employment-to-population ratio | the percentage of working age population that is classified as employed
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| Marginally attached workers | not considered in the official unemployment rate/ people who have searched for a job in the last 12 months but no in the past 4 weeks
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| ¨Discouraged workers¨ | people who have given up job search
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| U3 | official unemployment rate
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| U1 | unemployment rate that only includes people who have been unemployed for 15 weeks or more
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| U2 | Unemployment rate that only includes those who have lost their jobs, not those who have quit 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 in the unemployment rate
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| U6 | includes all other types of unemployment including part-time workers because of economic reason
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| Frictional unemployment | voluntary unemployment the occurs when someone enters the labor force to look for a job
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| Structural unemployment | occurs when the person´s skill sets are no in demand because of geography or is no longer wanted
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| Creative destruction | unemployment cause by the permanent destruction of jobs in a dying industry, a mismatch between skill sets between employment and the seekers'skill sets, and government programs that create incentives to remain unemployed
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| Efficiency wages | wages that are above the equilibrium market wage- can play a role in unemployment
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| Cyclical unemployment | unemployment associated with the downturns in the business cycle
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| Full employment | the level of employment the occurs that exists when the economy is being productively efficent
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| Natural rate of unemployment | the rate of employment that exists when there is no cyclical unemployment present in the economy
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| Labor force participation rate | the percentage of working age population classified as either employed or unemployed
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