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Unemployment

Economics Chpt. 14

TermDefinition
unemployed person sixteen years of age or older who have actively searched for work in the last four weeks, but are not currently employed.
employed those who have worked at least one hour in the previous two weeks.
labor force number of employed persons plus the number of unemployed persons.
unemployment rate percentage of the 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 rate percentage of working age population that is classified as employed
marginally attached workers people ready and available to work, who have conducted a job search within the past twelve months, but have not searched in the last four weeks.
discouraged workers unemployed in the general sense.
U3 people who fall between the cracks of the official unemployment rate
U1 includes people unemployed fifteen 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.
U4 adds discouraged workers to official unemployment rate
U5 includes all marginally attached workers
U6 most all inclusive measure of unemployment and includes all of the above plus those who are employed part time because of economic reasons
frictional employment occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified
structural employement occurs when job seekers' skill sets are not in demand because of geography or obsolescence
creative destruction old technologies and industries are destroyed, which frees up resources for new technology and its industry
efficiency wages those that exceed the equilibrium market wage, which encourages worker productivity
cyclical unemployment occurs because of contractions in the business cycle, and it is not voluntary
full employment occurs when cyclical employment is 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.
Created by: mbonilla
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