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(Un)employment
Ch 14 Vocab
| Term | Definition |
|---|---|
| Unemployed | Not having a job but being apart of the labor force; someone who is jobless but actively looking for a job (within 4 week period) |
| Employed | Someone who has worked at least an hour in a 2 week period |
| Labor force | Those who do not fall under the criteria of being unemployed or employed |
| Unemployment rate | The percentage of the labor force that is not, at the moment, employed |
| Labor force participation rate | The percentage of the working age population classified as employed or unemployed |
| Employment-to-population ratio | Percentage of the working age population that fall into employed |
| Marginally attached workers | Are not considered in the official unemployment rate; they are workers who are able to work and have searched in the past year but not in the last 4 weeks |
| Discouraged workers | unemployed and because of that they do not meet the technical definition, so they are not counted |
| U1 | Only includes people unemployed for 15 weeks or longer |
| U2 | Only includes people who have lot a job as oppose to those who have quit or entered/re-entered the labor force |
| U3 | Measures those who fall between the cracks of the official rate |
| U4 | Adds discouraged workers to the official unemployment rate |
| U5 | Includes all marginally attached workers |
| U6 | Includes U1, U2, U3, U4, U5 plus those who are employed part-time because of economic reasons |
| Frictional unemployment | Occurs when people voluntarily enter the labor force or they are between jobs they are qualified for |
| Structural unemployment | Occurs when job seekers' skill sets are not in demand because of place or the job is not needed |
| Creative destruction | Innovation occurs --> old technology and industries are destroyed, which frees up the resources for new |
| Efficiency wages | Those that exceed the equilibrium market wage |
| Cyclical unemployment | Occurs because of the contractions in the business cycle |
| Full employment | Occurs when cyclical unemployment is not present in the economy |
| Natural rate of unemployment | The rate of unemployment that exists when there is no cyclical unemployment present in the economy; thought to be independent of the inflation rate |
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