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C.14 Unemployment

Econ

QuestionAnswer
Unemployed Those who have actively searched for work in the past two weeks. Currently not employed.
Employed Worked 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 Force Participation Rate The percentage of the working age population classified as either employed or unemployed.
Employment-to-Population Ratio The percentage of the working age population that is classified as employed.
Marginally Attached Workers People ready and available to work, who have conducted a job search within the past twelve months, but have not searched in the past four weeks.
Discouraged Workers Unemployed in the general sense. People who have given up the job search in frustration.
U1 People unemployed fifteen weeks or longer.
U2 People who have lost a job as apposed to those who have quit or those who have entered or re-entered the labor forces.
U3 Official unemployment rate.
U4 Adds discouraged workers to the official unemployment rate.
U5 Includes all marginally attached workers.
U6 Most all-inclusive. Includes all of the above plus those who are employed part-time because of economic reasons.
Frictional Unemployment When people voluntarily enter the labor force, or when they are between jobs for which they are qualified. The labor market does not automatically match up all available jobs with all available workers.
Structural Unemployment Occurs when job seekers' skill sets are not in demand because of geography or obsolescence.
Creative Destruction As innovation occurs, old technologies and industries are destroyed which frees up the resources for the new technology and its industry.
Efficiency Wages Those that exceed the equilibrium market wage.
Cyclical Unemployment Occurs because of contradictions in the business cycle.
Full unemployment The level of employment that exists when the economy is being productively efficient.
Natural Rate of Unemployment In the long run there is a level of unemployment that the economy maintains independent of the inflation rates.
Created by: ddorn16
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