Economy Ch. 14 Word Scramble
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| Question | Answer |
| Unemployed | The condition of not having a job but being a member of the labor force. Must be jobless, yet actively search for a job in the last four weeks. |
| Employed | The condition of having a job. |
| Labor Force | The number of unemployed plus unemployed people age 16 and over. |
| Unemployment rate | The unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force |
| Labor Force Participation rate | The labor force divided by the working age population. |
| Unemployment-to-population ratio | Percentage of the working age population that is classified as employed. |
| Marginally attached workers | These are people ready and available to work who have conducted job search within the past 12 months but have not searched in the last 4 weeks and aren't included in the unofficial unemployment statistics. |
| "discouraged workers" | People who have given up job searches and are not officially classified as unemployed |
| U1 | The unemployment rate that only includes people unemployed 15 weeks or longer, as published by the BLS. |
| U2 | The unemployment rate that only includes people who have lost a job as opposed to those who have quit or to those who have entered or re-entered the workforce |
| U3 | The official unemployment rate published by the BLS. |
| U4 | The unemployment rate that adds discouraged workers to the official unemployment rate, as published by the BLS. |
| U5 | The unemployment rate that includes all marginally attached workers, as published by the BLS. |
| U6 | Most all- inclusive measure of unemployment as published by the BLS. Includes all those listed in U1-U5 plus those who are employed part time because of economics reasons. |
| Frictional unemployment | Voluntary unemployment that occurs when a person the labor force and looks for a job. |
| Structural unemployment | Unemployment that is caused by the permanent destruction of jobs in a dying industry , a mismatch between employment skills and the seekers' skill sets, and government programs that create incentives to remain unemployed. |
| Creative destruction | Ongoing process of technological innovation and industrial incline. |
| Efficiency wages | A wage that exceeds the market wage. |
| Cyclical unemployment | Unemployment associated with downturns in the business cycle. |
| Full employment | The level of employment that exists when the economy is being productively efficient . |
| Natural rate of unemployment | The rate of unemployment that exists when there is no cyclical unemployment present in the economy. |
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