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Chapter 14

QuestionAnswer
Unemployed They have actively searched for work in the last four weeks but are not currently employed.
Employed Those who have worked at least one hour in the previous two weeks.
Labor Force The number of employed persons plus the number of unemployment 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 who are ready and available to work, who have conducted a job search within the past twelve months, but have not searched in the last four weeks.
Discourage workers People who, for whatever reason, have given up the job search and are not officially classified as unemployed.
Frictional unemployment When people voluntarily enter the labor force, or when they are between jobs for which they are qualified.
Structural unemployment When job seekers' skill sets are not in demand because of geography or obsolescence.
Creative destruction A term coined by economist Joseph Schumpeter that refers to the ongoing process of technological innovation and industrial decline.
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.
U1 Includes people unemployed fifteen weeks or longer.
U2 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.
U3 The measure of 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 The most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons.
Created by: ddominguez16
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