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Econ Chapter 14
| Term | Definition |
|---|---|
| Who is considered unemployed? | a person 16 years or older is considered unemployed if they have been actively looking for a job or the past 4 weeks |
| Who is considered employed? | people who have worked at least 1 hour in the previous 2 weeks |
| Labor force | number of employed persons plus number of unemployed persons |
| Unemployment rate | percent of the labor force that is currently unemployed |
| Employment-to-population ratio | the percentage of working age population that is classified as employed |
| Marginally attached workers | not considered in the official unemployment rate/ people who have searched for a job in the last 12 months but no in the past 4 weeks |
| ¨Discouraged workers¨ | people who have given up job search |
| U3 | official unemployment rate |
| U1 | unemployment rate that only includes people who have been unemployed for 15 weeks or more |
| U2 | Unemployment rate that only includes those who have lost their jobs, not those who have quit or re-entered the labor force |
| U4 | adds discouraged workers to the official unemployment rate |
| U5 | includes all marginally attached workers in the unemployment rate |
| U6 | includes all other types of unemployment including part-time workers because of economic reason |
| Frictional unemployment | voluntary unemployment the occurs when someone enters the labor force to look for a job |
| Structural unemployment | occurs when the person´s skill sets are no in demand because of geography or is no longer wanted |
| Creative destruction | unemployment cause by the permanent destruction of jobs in a dying industry, a mismatch between skill sets between employment and the seekers'skill sets, and government programs that create incentives to remain unemployed |
| Efficiency wages | wages that are above the equilibrium market wage- can play a role in unemployment |
| Cyclical unemployment | unemployment associated with the downturns in the business cycle |
| Full employment | the level of employment the occurs that exists when the economy is being productively efficent |
| Natural rate of unemployment | the rate of employment that exists when there is no cyclical unemployment present in the economy |
| Labor force participation rate | the percentage of working age population classified as either employed or unemployed |
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