Terms from Chapter 14
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| Unemployed | those that have actively searched for work for the past 4 weeks but have not found work
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| employed | those that have worked at least 1 hour in the past two weeks
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| labor force | the number of employed and unemployed
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| unemployment rate | percentage of labor force that are not 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 | percentage of working age population that is classified as employed
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| marginally attached workers | people that are ready and available to work that have searched for a job in the past 12 months but not in the past 4 weeks; therefore not included in official unemployment statistics
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| discouraged workers | people that have given up the job search and are not officially classified as unemployed
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| U1 | unemployment rate that includes those unemployed for 15 weeks or longer
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| U2 | unemployment rate of those that have lost a job
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| U3 | official unemployment rate
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| U4 | the unemployment rate that adds the discouraged workers
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| U5 | includes all marginally attached workers
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| U6 | includes those listed in U1-U5 plus those employed part time
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| frictional unemployment | voluntary unemployment that occurs when someone enters the labor force and looks for a job
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| structural unemployment | unemployment caused by the permanent destruction of jobs
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| creative destruction | the process of technological innovation and industrial decline that frees up the land, labor, capital, and entrepreneurship that can be employed in the new industry
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| efficiency wages | wages that exceed the market wages
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| cyclical unemployement | unemployment associated with the downturns in the business cycle
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| full employment | the level of unemployment that exists when the economy is being productively efficient
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| natural rate of unemployment | the rate of employment that exists when there in no cyclical unemployment present in the 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.
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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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