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unemployed
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Unemployment

Chapter 14

TermDefinition
unemployed 16 years or older, if they actively search for work in the last 4 weeks and are not currently employed
employed worked 1 hour in the previous 2 weeks
labor force number of employed persons plus the number of unemployed persons
unemployment rate percentage of 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 the percentage of the working age population that's classified as employed
marginally attached workers people ready and available to work, who have conducted a job search within the past past 12 months, but haven't searched in the past 4 weeks
discouraged workers unemployed in general sense
U3 measure those who fall between cracks of the official rate
U1 includes people unemployed 15 weeks or longer
U2 includes people who have lost a job
U4 adds discouraged workers to official unemployment rate
U5 all marginally attached workers
U6 all-inclusive measure of unemployment and includes all of the above plus employed part-time because of economic reasons
frictional unemployment people voluntarily enter the labor force or they are between jobs they qualify for
structural unemployment job seekers skill sets are not in demand because of geography or obsolescence
creative destruction structural unemployment often is the outcome of this
efficiency wages exceed the equilibrium market wage, encourage worker productivity
cyclical unemployment contractions in business cycle, viewed as harmful
full employment when cyclical unemployment is not present in the economy
natural rate of unemployment rate of unemployment that exists when no cyclical unemployment present in economy
Created by: anunez15
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