Unemployment Word Scramble
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| Term | Definition |
| Unemployed | If you have actively searched for a job in the past 4 weeks without getting one |
| Employed | If you have worked at least one hour in the past 2 weeks |
| Labor force | Number of employed and unemployed people |
| Employment to population ratio | Percentage of working age population classified employed |
| Labor force participation rate | Percentage of working age population either employed or unemployed |
| Marginally attached Workers | People ready and available to work and have conducted a job search in the past 12 months |
| Discouraged workers | People who have given up the job search in frustration |
| U1 | Only includes people unemployed for 15 weeks or longer |
| U2 | Only people who have lost jobs |
| U3 | Official unemployment rate |
| U4 | Adds discouraged workers to official unemployment rate |
| U5 | Includes all marginally attached workers |
| U6 | All of the above plus part timers |
| Frictional Unemployment | When people voluntarily enter the workforce or when they are between jobs they qualify for |
| Structural unemployment | When job seekers skills sets are not in demand |
| Creative destruction | Innovation occurs old technology and industries are destroyed |
| Efficiency wages | Those that exceed the equilibrium market wage |
| Cyclical unemployment | Caused by contractions in the business cycle |
| Full Employment | When cyclical unemployment is not present |
| Natural rate of unemployment | There is a level of unemployment that the economy maintains independent of the inflation rate |
| unemployment rate | Percentage of unemployed people in the labor force |
Created by:
jkilhoffer
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