definitions
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| unemployed | persons sixteen years of age or older that don't have a job
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| employed | those who have worked at least one hour in the previous two weeks
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| labor force | the number of employed persons plus the number of unemployed persons
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| unemployment rate | a percentage of the labor force that is not currently employed
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| labor force participation rate | the percentage of the working age population classified as either employed or unemployed
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| employment-to-population ratio | the percentage of the working age population that is classified as employed
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| marginally attached workers | people ready and available to work
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| "discouraged workers" | people unemployed in the general sense, but they do not meet the technical definition
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| frictional unemployment | occurs when people voluntarily enter the labor force
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| creative destruction | as innovation occurs, old technologies and industries are desroyed
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| structural unemployment | occurs when job seekers; skill sets are not in demand because of geography or obsolescence
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| efficiency wages | wages that exceed the equilibrium market wage
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| cyclical unemployment | occurs because of contractions in the business cycle, it is not voluntary, nor is it the result of a skill-set mismated
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| full employment | it occurs when cyclical unemployment is not present in the economy
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| natural rate of unemployment | it's associated with full time employment
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| U3 | The official unemployment rate
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| U1 | it only includes people unemployed fifteen weeks or longer
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| U2 | it 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
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| U4 | it adds discouraged workers to the official unemployment rate
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| U5 | it includes all marginally attached workers
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| U6 | it is the most all-inclusive measure of unemployment and includes all of those who are employed part-time because of economic reasons
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Created by:
Lorenzo C
Popular Economics sets