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Chapter 14 Notes

Vocab

TermDefinition
Labor Force The number of employed people plus the number of unemployed persons.
Labor Force Participation Rate The percentage of the working age population classified as either employed or unemployed.
Employment To Population Ratio The percentage of the working age population that is classified as either employed.
Marginally Attached Workers People ready and available to work and have conducted a job search within the past 12 months but haven't seached in the last 4 weeks.
Discouraged Workers People who have given up the job search in frustration they're unemployed in the general sense but because they do not meet the technical definition the official unemployment rate does not reflect their numbers.
U1 Includes people unemployed 15 weeks or longer
U2 Includes people who have lost a job as opposed to those who have quit or those who have entered or 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 Is the most all inclusive measure of unemployment and includes all of the above plus those who are employed part time because of economic reasons.
Frictional Unemployment Occurs when people voluntarily enter the labor force, or when they are between jobs for which they qualified.
Structural Unemployment Occurs when job seekers skill sets are not in demand because of geography or obsolescence.
Creative Destruction As innovation occurs old technologies and industries are destroyed, which frees up the resources for the new technology and it's industry.
Efficiency Wages Are those that exceed the equilibrium market wage.
Cyclical Unemployment Occurs because of contraction in the business cycle.
Efficiency Destruction Those that exceed the equilibrium market wages.
Full Employment Occurs when cyclical unemployment is not present in the economy.
Unemployed People who are 16 or older and have searched for work in the last four weeks but aren't currently employed.
Employed Those who have worked atleast one hour in the previous two weeks.
Unemployment Rate A percentage of the labor force that is not currently employed.
Created by: adan1824
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