Economics Chpt. 14
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| unemployed | person sixteen years of age or older who have actively searched for work in the last four weeks, but are not currently employed.
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| employed | those who have worked at least one hour in the previous two 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 the 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 rate | percentage of 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 past twelve months, but have not searched in the last four weeks.
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| discouraged workers | unemployed in the general sense.
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| U3 | people who fall between the cracks of the official unemployment rate
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| U1 | includes people unemployed fifteen weeks or longer
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| U2 | 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 | adds discouraged workers to official unemployment rate
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| U5 | includes all marginally attached workers
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| U6 | most all inclusive measure of unemployment and includes all of the above plus those who are employed part time because of economic reasons
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| frictional employment | occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified
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| structural employement | occurs when job seekers' skill sets are not in demand because of geography or obsolescence
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| creative destruction | old technologies and industries are destroyed, which frees up resources for new technology and its industry
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| efficiency wages | those that exceed the equilibrium market wage, which encourages worker productivity
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| cyclical unemployment | occurs because of contractions in the business cycle, and it is not voluntary
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| full employment | occurs when cyclical employment is present in the economy.
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| natural rate of unemployment | suggests that in the long run, there is a level of unemployment that the economy maintains independent of the inflation rate.
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