Unemployment
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | The condition of not having a job but being a member of the labor force. To be considered unemployed, a person must be jobless yet actively searching for a job by having searched in the last four weeks.
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| employed | show 🗑
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| show | The number of employed plus unemployed people age sixteen and over.
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| show | 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 | show 🗑
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| show | The number of employed people divided by the working age population.
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| show | These are people ready and available to work who have conducted a job search within the past twelve months but have not searched in the last four weeks and are therefore not included in official unemployment statistics.
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| show | People who, for whatever reason, have given up the job search and are not officially classified as unemployed. The presence of discouraged workers in the economy means that the official unemployment rate understates actual unemployment.
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| show | The unemployment rate that only includes people unemployed fifteen weeks or longer, as published by the BLS.
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| U2 | show 🗑
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| show | The official unemployment rate published by the BLS.
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| show | The unemployment rate that adds discouraged workers to the official unemployment rate, as published by the BLS.
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| U5 | show 🗑
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| U6 | show 🗑
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| show | Voluntary unemployment that occurs when a person enters the labor force and looks for a job. A recent graduate looking for her first job out of college would be considered frictionally unemployed. Frictional unemployment always exists in an economy.
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| structural unemployment | show 🗑
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| show | A term that refers to the ongoing process of technological innovation and industrial decline. As one industry is being born, another industry is dying. The death of old industry frees up the land, labor, capital, and entrepreneurship.
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| show | A wage that exceeds the market wage. Efficiency wages encourage worker productivity but also play a role in creating unemployment.
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| cyclical unemployment | show 🗑
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| full employment | show 🗑
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| natural rate of unemployment | show 🗑
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Created by:
jwalker16
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