Unemployment Word Scramble
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| Term | Definition |
| Unemployment | % of labor force unemployed. must not have a job, over 16, and done a job search in past 4 weeks |
| Discouraged Workers | Given up on search |
| Labor Force Participation Rate | % of working age population unemployed or employed |
| Employment-to-population ratio | employed people divided by people able to work. |
| Marginally Attached Workers | Not in official unemployment. Ready to work, searched for a job in past 12 months but not in past 4 weeks |
| U3 | Unemployment rate by regular standards |
| U1 | 15 weeks or longer unemployed only |
| U2 | Only those who lost their jobs. Not those who quit or never had |
| U4 | Discouraged included |
| U5 | Marginally attached Included Discouraged included |
| U6 | Marginally attached Included Discouraged included those employed part time for economic reasons included |
| Frictional Unemployment | those who voluntarily enter work force but between jobs. natural and will decrease as tech increases |
| Structural Unemployment | services no longer in demand or obsolete. |
| Creative Destruction | when structural unemployment destroys old industries as new one are made |
| Efficiency Wages | wages exeed equilibrium to keep workers. also makes more efficient workers |
| Cyclical Unemployment | When contractions of business cycle cause unemployment |
| Full Employment | Cyclical Unemployment does not exist. every policy makers dream |
| Natural Rate of Unemployment | Level of uneployment we maintain regardless of inflation |
| Employed | Those who worked one hour in past week |
| Labor force | Number employed + uneployed |
| Unemployment Rate | % of those not currently employed but a part of work force |
Created by:
jonk22
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