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Unemployment

TermDefinition
Unemployed Persons 16 years of age or older who have been actively searching for jobs in the last 4 weeks
Employed he who has worked at least one hour in the previous two 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 participation rate the percentage of the working age population classified as either employed or unemployed
Marginally attached workers not considered in the official unemployment rate. Ready and avaliable to work but havent searched in the last 4 weeks
U1 people unemployed 15 weeks or longer
U2 lost a job as opposed to those who have quit or those who have entered or re-entered the labor force
U3 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 is the most all- inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons.
Frictional unemployment occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified.
Structural unemployment occurs when job seekers skill set are not in demand because of geography or insolence.
efficiency wages those that exceed the equilibrium market wage. It's purpose is to encourage worker productivity
Cyclical unemployement occurs because of contractions in the business cycle. its is not voluntary nor the result of a skill-set mismatch.
Full employment occurs when cyclical unemployment is not present in the economy.
Natural rate of unemployment associated with full employment. In the long run there is a level of unemployment that the economy maintains independent of the inflation rate. It can also vary.
Average percentage rate for labor participation 65%
Employment to population ratio the percentage to the working age population that is classified as employed
Creative destruction As innovation occurs old technologies and industries are destroyed, which frees up resources for the new technologies and its industry.
Created by: breyes-duran
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