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Econ vocab

Chapter 14- unemployment

TermDefinition
Unemployment the condition of not having a job but being a member of the labor force; person must be jobless but actively search for job in last four weeks.
employed the condition of having a job.
labor force the number of employed plus unemployed people age sixteen and over.
unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force.
labor force participation rate the labor force divided by the working age population.
marginally attached workers people ready and available to work (have conducted job search within past 12 months but not in last 4 weeks); not counted in official unemployment rate.
discouraged workers people not officially classified as unemployed; have given up job search; official unemployment rate understates actual unemployment.
U3 the official unemployment rate; (all Unemployment rates are published by the BLS).
U1 the unemployment rate that only includes people unemployed fifteen weeks or longer.
U2 unemployment rate that only indicates people who have lost a job as opposed to those who have quit or those who have entered or returned the labor force.
U4 unemployment rate that adds discouraged workers to the official unemployment rate.
U5 unemployment rate that includes all marginally attached workers.
U6 most all-inclusive measure of unemployment; includes all those listed in U1-U5 plus those who are employed part time.
Frictional unemployment always exist in an economy; voluntary unemployment; occurs when a person enters labor force and looks for a job.
structural unemployment unemployment caused by the permanent destruction of jobs in a dying industry, mismatch between skills necessary for employment and seekers's skill set, and government programs that create incentives to remain unemployed.
creative destruction refers to the ongoing process of technological innovation and industrial decline. death of old industry frees land, labor, capital, and entrepreneurship.
cyclical unemployment Unemployment associated with downturns in the business cycle. economist believe that government intervention is necessary to prevent.
full employment level of employment when the economy is productively efficient; associated w/ economy @ natural rate of unemployment.
natural rate of unemployment rate of unemployment that exist when there is no cyclical unemployment present in the economy; thought to be independent from inflation rate.
Created by: Jrendon
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