Unemployment
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| Unemployed | people sixteen years and older who have actively searched for work in the last month but are not currently employed
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| Employed | people who have worked for at least one hour in the past 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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| Current population survey | surveys in which households are questioned about their participation in the labor force
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| Labor force participation rate | percentage of the working population classified as employed or unemployed
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| Employment-to-population ratio | percentage of the 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 year but not in the last month
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| Discouraged workers | people who have given up the job search due to frustration
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| U1 | only includes people that have been unemployed for fifteen weeks or longer
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| U2 | only includes people who have lost their job, not quit or switched jobs
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| U3 | measures those who have fallen between the cracks of the official rate
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| U4 | adds discouraged workers to the official unemployment rate
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| U5 | includes all marginally attached workers into the official rate
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| U6 | includes all of the above (U1-5) plus those employed part time for economic reasons
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| Frictional unemployment | when people voluntarily enter the labor force or when they are between jobs for which they are qualified
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| Structural unemployment | when job seekers skill sets are not in demand because of geography or obsolescence
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| Creative destruction | when innovation and technology advancements cause old industries and skill sets to die out and new technology/industries replace them
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| Cynical unemployment | occurs because of contractions in the business cycle and creates a feedback loop
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| Full employment | occurs when cynical unemployment is not present in the economy
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| Natural rate of unemployment | a level of unemployment that the economy maintains independent of inflation rates
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