unemployment Word Scramble
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| Term | Definition |
| unemployment | people ages 16 or older who have actively looked for jobs in the past 4 weeks but are not employed |
| employed | people who have worked at least one hour in the last 2 weeks |
| labor force | employed persons plus unemployed |
| unemployment rate | a percent of labor force who are not currently employed |
| labor force participation rate | the percent of working age population classified as either employed or unemployed (US average is 65%) |
| employment to population rate | the percentage of the working age population that is classified as employed |
| marginally attached workers | people who are ready and available to work, who have conducted a job search within the past 12 month but have not searched in the last 4 weeks. |
| discouraged workers | people who have given up up looking for jobs but they are not classified as unemployed |
| U1 | the unemployment rate that only includes people unemployed 15 weeks or longer |
| U2 | people who have lost their job |
| U3 | the official unemployment rate |
| U4 | the unemployment rate that adds discouraged workers to the official unemployment rate |
| U5 | the unemployment rate that includes all marginally attached workers |
| U6 | the unemployment rate that includes U1-U5 plus those who are employed part time |
| frictional unemployment | occurs when people voluntarily quit their job to search for another |
| structural unemployment | when job seekers skill sets are not in demand because of geography or obsolescence |
| creative destruction | innovation occurs when old technologies and industries are destroyed which frees up the recourse for the new technology and its industry |
| efficiency wage | wages that exceed the equilibrium market wage |
| cyclical unemployment | occurs because of contractions in the business cycle |
| full employment | occurs when cyclical unemployment is not present in the economy |
| natural rate of employment | the rate of unemployment that exists when there is no cyclical unemployment present in the economy |
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