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chapter 14

TermDefinition
Unemployed actively searched for work the last 4 weeks
employed worked one hour in the past 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 unemployed/labor force
labor force participation rate % of the working age population classified as either employed or unemployed
employment-to-population rate % of the working age population that is classified as employed
Marginally attached workers people who are ready and able to work, have searched for a job in the past 12 months, but not in the past 4 weeks
discouraged workers people who have given up of job searches because of frustration
U3 official unemployment rate
U1 only includes people unemployed 15 weeks or longer
U2 only includes people who have lost a job unlike those who quit
U4 adds discouraged workers to U3
U5 includes all marginally attached workers
U6 most inclusive of measurement of unemployment, includes all of U1-U5
frictional unemployment people who voluntarily enter the labor force or are between jobs that they are qualified for
structural unemployment job seekers' skill sets aren't in demand because of location or obsolence
creative destruction the outcome of structural unemployment-- they are forced to retain or accept lower paying jobs that require less skill
cyclical unemployment contractions in the business cycle
efficiency wages those who exceed market wages
full employment when there is no cyclical unemployment
natural rate of unemployment unemployment that the economy maintains independent of the inflation rate
Created by: nfigueroa15
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