This stack is a review of terms found in Chapter 14.
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| Unemployed | Persons 16 years or older that have actively searched for work in the last four weeks, but are not currently employed.
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| Employed | Persons who have worked at least one hour in the previous two weeks.
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| Labor Force | The number of employed people plus the number of unemployed people.
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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 working age population classified as either employed or unemployed.
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| Employment-to-Population Ratio | The percentage of working age population that is classified as employed
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| Marginally Attached Workers | Persons not considered in the official unemployment rate.
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| Discouraged Workers | Persons that are unemployed in a general sense,but do not meet the technical definition. They are often products of Marginally Attached workers or part-timers.
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| U3 | The official Unemployment rate often distributed by BLS.
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| U1 | Only includes people unemployed 15 weeks or longer.
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| U2 | 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 | Includes/adds discouraged workers into the official unemployment rate.
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| U5 | Includes all Marginally attached workers.
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| U6 | The most all-inclusive of them all. It includes every type of worker or non-worker due to economic reasons.
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| Frictional Unemployment | It occurs when people voluntarily enter the labor force, or when they are between jobs for which they qualify.
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| Structural Unemployment | It occurs when job seekers' skill sets are not in demand because of geography or obsolescence. An outcome of creative destruction.
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| Creative Destruction | Occurs when old technology or industries die out, creating and freeing up resources for new technology and industries.
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| Cyclical Unemployment | Occurs because of contractions in the business cycle.
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| Full Employment | Occurs when cyclical unemployment is not present in the economy. This is economic nirvana and the goal that policymakers should seek to maintain.
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| Natural Rate of Unemployment | This is the natural rate hypothesis, which 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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| Efficiency Wages | Those that exceed the equilibrium market wage
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