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unemployed
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Ch. 14: Unemployment

Measuring Unemployment

TermDefinition
unemployed Persons 16+ if they have actively searched for work in the last 4 weeks but no employed
employed those who have worked at least one hour in the last two weeks
labor force Number of employed + the number of unemployed
unemployment rate percentage of labor force that is not employed
Labor force participation rate Percentage of working age population classified as either employed or unemployed
employment-to-population ratio percentage of working age population classified as employed
marginally attached workers ready and available to work; have searched for a job in the last year but not in the past 4 weeks
frictional unemployment people who voluntarily enter the work force or are between jobs
structural unemployment person without a job becuase jobs seeker's skill set is not in demand due to geography or obscelence
cyclical unemployment most insidious; occurs because of contractions in the business cycle; not voluntary nor the result of skill-set mismatch
full employment when cyclical unemployment is not present
natural rate of unemployment Level of unemployment that will always be present
discouraged workers unemployed; given up in the job search
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
U3 Official unemployment rate
U4 adds discouraged workers to official unemployment rate
U5 includes all marginally attached workers
U6 most all-inclusive measure of unemployment; includes U1-U5 plus thoae whoa re employed part-time for economic reasons
creative destruction old technologies and industries are destroyed to make way for new ones
efficiency wages those that exceed the equilibrium market wage
Created by: cnguyen15
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