Unemployment Word Scramble
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| Term | Definition |
| unemployed | those who have actively searched for work in the last four weeks but are not currently employed |
| employed | those who have worked at least one hour in the previous two weeks |
| labor force | people who meet neither criterion are not considered in the labor force |
| unemployment rate | percentage of the labor force that is not currently employed |
| labor force participation rate | percentage of the working age population classified as either employed or unemployed |
| employment-to-population ratio | percentage of the working age population that is classified as employed |
| marginally attached workers | those who are not considered in the official unemployment rate |
| frictional unemployment | occurs when people voluntarily enter the labor force or when they are between jobs fr which they are qualified |
| structural unemployment | occurs when job seekers' skill sets are not in damand because of geography or obsolescence |
| efficiency wages | those that exceed the equilibrium market wage |
| cyclical unemplyment | occurs because of the contractions in the business cycle |
| full employment | occurs when cyclical unemployment is not present in the economy |
| natural rate of unemplyment | the level of unemployment that economy maintains independent of the inflation rate. |
| discouraged workers | those who are ready and available to work who have conducted a job search within the past twelve months. |
| U3 | official unemployment rate |
| U1 | only includes people employed fifteen weeks or longer |
| U2 | only includes people who have lost a job as opposed to those who have entered or re-entered the labor force |
| U4 | adds discouraged workers to the official unemployment rate |
| U5 | includes all marginally attached workers |
| u6 | includes all of the above plus those who are employed part-time because of economic reasons |
| creative destruction | causes the structural unemployment |
Created by:
TravisLockett
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