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Help!
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| Unemployment | % of labor force unemployed.
must not have a job, over 16, and done a job search in past 4 weeks
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| Discouraged Workers | Given up on search
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| Labor Force Participation Rate | % of working age population unemployed or employed
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| Employment-to-population ratio | employed people divided by people able to work.
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| Marginally Attached Workers | Not in official unemployment.
Ready to work, searched for a job in past 12 months but not in past 4 weeks
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| U3 | Unemployment rate by regular standards
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| U1 | 15 weeks or longer unemployed only
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| U2 | Only those who lost their jobs. Not those who quit or never had
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| U4 | Discouraged included
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| U5 | Marginally attached Included
Discouraged included
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| U6 | Marginally attached Included
Discouraged included
those employed part time for economic reasons included
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| Frictional Unemployment | those who voluntarily enter work force but between jobs.
natural and will decrease as tech increases
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| Structural Unemployment | services no longer in demand or obsolete.
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| Creative Destruction | when structural unemployment destroys old industries as new one are made
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| Efficiency Wages | wages exeed equilibrium to keep workers. also makes more efficient workers
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| Cyclical Unemployment | When contractions of business cycle cause unemployment
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| Full Employment | Cyclical Unemployment does not exist.
every policy makers dream
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| Natural Rate of Unemployment | Level of uneployment we maintain regardless of inflation
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| Employed | Those who worked one hour in past week
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| Labor force | Number employed + uneployed
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| Unemployment Rate | % of those not currently employed but a part of work force
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Created by:
jonk22
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