Unemployment vocab Word Scramble
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| Term | Definition |
| Unemployed | If they have actively searched for work in the last 4 weeks but aren't currently employed |
| Employed | Those that have worked at least 1 hour in the past 2 weeks |
| Labor force | # of employed persons + # of unemployed persons |
| Unemployment rate | % o the labor force that is not currently employed |
| Labor Force Participation Rate | % of the working age population classified as either employed or unemployment |
| Employment-to-population ratio | % of the working age population that is classified as employed |
| Marginally attached workers | Ready and available to work |
| Discouraged workers | Do not meet the technical definition |
| U3 | Those who fall between the cracks of the official rate. |
| U1 | People unemployed 15 weeks or longer |
| U2 | People who have lost a job |
| U4 | Discouraged workers to the official unemployment rate |
| U5 | Marginal attached workers |
| U6 | All-inclusive measure of unemployment and includes all of the above + those who are employed part time |
| Frictional unemployment | When people voluntarily enter the labor force, or when they are between jobs for which they are qualified |
| Structual unemployment/creative destructio | When job seekers' skills sets are not in demand because of geography or obsolescence |
| Efficiency wages | Those that exceed the equilibrium market wage |
| Cyclical unemployment | Occurs because of contractions in the business cycle |
| Full employment | When cyclical unemployment is not present in the economy |
| Natural Rate of Unemployment | In the long run there is a level of unemployment that the economy maintains independent of the inflation rate |
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esalas15
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