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Unemployment

Economics: CH 14

TermDefinition
Unemployment: People 16 or older who are actively searching for a job in the past month, but are without one.
Employed: People who have worked at least one hour in the last two weeks.
Labor Force: The number of employed people plus the number of unemployed people.
Unemployment Rate: A percentage of the labor force that is not currently employed.
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 employed.
Marginally Attached Workers: People ready and available to work, who have conducted a job search within the past 12 months but have not searched within the last 4 weeks.
Discouraged Workers: People who do not meet the technical definition.
U3: People who have fallen between the cracks of the official unemployment rate.
U1: People unemployed for 15 weeks or longer.
U2: People who have lost their jobs.
U4: Adds discouraged workers to the official unemployment rate.
U5: All marginally attached workers.
U6: All of the above and those who are employed part-time because of economic reasons.
Frictional Unemployment: Occurs when people voluntarily enter the labor force. (Between jobs)
Structural Unemployment: Occurs when job seekers' skill set are not in demand because of geography or obsolescence.
Creative Destruction: When workers must either retrain or accept a lower paying job due to the low demand of their skills.
Efficiency Wages: Those that exceed the equilibrium market wage.
Cyclical Unemployment: Occurs because of contractions in the business cycle.
Full Employment: Occurs when cyclical employment is not present in the economy.
Natural Rate of Unemployment: Is thought to be independent from the inflation rate.
Created by: Jazmorales15
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