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Unemployment
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Unemployment

TermDefinition
Unemployment Persons sixteen or older that have actively searched for a job in the past 4 weeks without finding a job.
Employment Those who have worked at least 1 hour in the past 2 weeks
Labor Force The number of employed persons plus the number of unemployed persons
Unemployment Rate A percentage of the labor force that is not currently employed
Labor Force Participating Rate The percentage rate of the working age population classified as either employed or unemployed.
Employment-to-Population Ratio The ratio of the working age population that is classified as employed.
Marginally Attached Workers Those are people ready and available to work, who have applied in the past 12 months, but have not searched in the last 4 weeks.
Discouraged Workers Workers who are unemployed in the general since, but because they do not meet the technical definition they are not counted in he official unemployment rate.
Frictional Unemployment Occurs when people voluntarily enter the labor force, or they are between jobs which they are qualified for.
Structural Unemployment Occurs when jobs seekers skill sets are not in demand because of geography or obsolescence.
Creative Distruction Occurs when old technology and industries are destroyed, which frees up the resources for the new technology and its industry.
Efficiency Wages Are those that exceed the equilibrium market wages
Cyclical Unemployment Occurs because of contraction in the business cycle
Full Employment occurs when cyclical unemployment in not present in the economy
Natural Rate of Unemployment suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate.
U1 People unemployed 15 weeks or longer
U2 People who have lost a job as oppose to those who have quite or those who have entered or reentered the labor force
U3 To measure 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 all-inclusive measure of unemployment and includes all of the above plus those those who are employed part-time because of economc reasons
Created by: WilliamJordan
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