Unemployment Word Scramble
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| Term | Definition |
| Unemployed | people sixteen years and older who have actively searched for work in the last month but are not currently employed |
| Employed | people who have worked for at least one hour in the past two weeks |
| Labor force | the number of employed people plus the number of unemployed people |
| Unemployment rate | a percentage of the labor force that is not currently employed |
| Current population survey | surveys in which households are questioned about their participation in the labor force |
| Labor force participation rate | percentage of the working population classified as employed or unemployed |
| Employment-to-population ratio | percentage of the working age population that is classified as employed |
| Marginally attached workers | people ready and available to work who have conducted a job search within the past year but not in the last month |
| Discouraged workers | people who have given up the job search due to frustration |
| U1 | only includes people that have been unemployed for fifteen weeks or longer |
| U2 | only includes people who have lost their job, not quit or switched jobs |
| U3 | measures those who have fallen between the cracks of the official rate |
| U4 | adds discouraged workers to the official unemployment rate |
| U5 | includes all marginally attached workers into the official rate |
| U6 | includes all of the above (U1-5) plus those employed part time for economic reasons |
| Frictional unemployment | when people voluntarily enter the labor force or when they are between jobs for which they are qualified |
| Structural unemployment | when job seekers skill sets are not in demand because of geography or obsolescence |
| Creative destruction | when innovation and technology advancements cause old industries and skill sets to die out and new technology/industries replace them |
| Cynical unemployment | occurs because of contractions in the business cycle and creates a feedback loop |
| Full employment | occurs when cynical unemployment is not present in the economy |
| Natural rate of unemployment | a level of unemployment that the economy maintains independent of inflation rates |
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