Chapter 14
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| unemployed | 16 years or older, if they actively search for work in the last 4 weeks and are not currently employed
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| employed | worked 1 hour in the previous 2 weeks
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| labor force | number of employed persons plus the number of unemployed persons
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| unemployment rate | percentage of labor force that is not currently employed
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| labor force participation rate | 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's classified as employed
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| marginally attached workers | people ready and available to work, who have conducted a job search within the past past 12 months, but haven't searched in the past 4 weeks
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| discouraged workers | unemployed in general sense
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| U3 | measure those who fall between cracks of the official rate
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| U1 | includes people unemployed 15 weeks or longer
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| U2 | includes people who have lost a job
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| U4 | adds discouraged workers to official unemployment rate
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| U5 | all marginally attached workers
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| U6 | all-inclusive measure of unemployment and includes all of the above plus employed part-time because of economic reasons
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| frictional unemployment | people voluntarily enter the labor force or they are between jobs they qualify for
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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 | structural unemployment often is the outcome of this
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| efficiency wages | exceed the equilibrium market wage, encourage worker productivity
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| cyclical unemployment | contractions in business cycle, viewed as harmful
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| full employment | when cyclical unemployment is not present in the economy
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| natural rate of unemployment | rate of unemployment that exists when no cyclical unemployment present in economy
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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