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Ch. 14

Where Did My Job Go?

TermDefinition
Unemployed The condition of not having a job but being a member of the labor force.
Employed The condition of having a job.
Labor Force The number of employed plus unemployed people age sixteen and over.
Unemployment Rate The 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 worker age population
Employment-To-Population Ratio The number of employed people divided by the working age population.
Marginally Attached Workers People ready and available to work who have conducted a job search within the past 12 months but not in the last 4 weeks and are therefore not included in official unemployment statistics.
Discouraged Workers People who, for some reason, have given up the job search and are not officially classified as unemployed.
U3 The official unemployment rate.
U1 The unemployment rate that only includes people unemployed fifteen weeks or longer.
U2 The unemployment rate that only 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.
U4 The unemployment rate that adds discouraged workers to the official unemployment rate.
U5 The unemployment rate that includes all marginally attached workers.
U6 The most all-inclusive measure of unemployment. U1--U5 plus those who are employed part time because of economic reasons.
Frictional Unemployment Voluntary unemployment that occurs when a person enters the labor force and looks for a job.
Structural Unemployment Unemployment caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and seekers' skill sets, and gov programs that create incentives to remain unemployed.
Creative Destruction Term that refers to the process of tech. innovation and industrial decline. As one industry is being born, another is dying. The death of old industry frees the land, labor, capital, and entrepreneurship to be used in new industry.
Efficiency Wages A wage that exceeds the market wage.
Cyclical Unemployment Unemployment associated with downturns in the business cycle.
Full employment The level of employment that exists when the economy is being productively efficient.
Natural Rate of Unemployment The rate of unemployment that exists when there is no cyclical unemployment present in the economy.
Created by: John Lukaszewski
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