Unemployment
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| unemployment | those who have actively searched for work in the last four weeks but are not currently employed (16 and older)
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| employed | those who have worked at least 1 hour in the previous 2 weeks
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| labor force | number of employed persons + number of unemployed persons
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| labor force participation rate | % of the working age population classified as either employed or unemployed
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| employment-to-population ratio | % of the working age population that is classified as employed
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| marginally attached workers | people ready and available to work, who have conducted a job search within the last 4 weeks
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| U3 | the official unemployment rate published by the BLS
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| U1 | people unemployed 15 weeks or longer
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| U2 | people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force
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| U4 | adds discouraged workers to unemployment rate
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| U5 | adds marginally attached workers to unemployment rate
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| U6 | U1-U5 + those who are employed part time because of economic reasons
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| frictional unemployment | occurs when a person enters the labor force and looks for a job. frictional unemployment always exists in an economy
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| structural unemployment | job seekers' skill sets are not in demand because of geography or obsolescence
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| creative destruction | an innovation occurs, old technologies and industries are destroyed, which frees up the resources for the new technology and its industry
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| efficiency wages | a wage that exceeds the market wage. efficiency wages encourage worker productivity but also play a role in creating unemployment
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| cyclical unemployment | not voluntary or result of a skill-set mismatch, occurs because of contractions in the business cycle
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| full employment | when cyclical unemployment is not present
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| natural rate of unemployment | the rate of unemployment that exists when there is no cyclical unemployment present in the economy. the natural rate of unemployment thought to be independent of the inflation rate
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| unemployment rate | the unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force
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| discouraged workers | people who, for whatever reason, have given up the job search and are not officially classified as unemployed. The presence of discouraged workers in the economy means that the official unemployment rate understates actual unemployment
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