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Term
Definition
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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