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Chp. 14:Unemployment

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Term
Definition
Unemployed   show
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show the condition of having a job  
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show the number of employed plus unemployed people age sixteen and over  
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show the unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force  
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labor force participation rate   show
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show the number of employed people divided by the working age population  
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show these are 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 and are therefore not included in official unemployment statistics  
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show people ho, for whatever reason, have given up the job search and are not officially classified as unemployed. the presence of discouraged workers in the economy means that the official unemployment rate understates actual unemployment  
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U3   show
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U1   show
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show the unemployment rate that 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, as published by the BLS  
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show the unemployment rate that adds discouraged workers to the official unemployment rate, as published by the BLS  
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U5   show
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show the most all-inclusive measure of unemployment as published by the BLS. includes all those listed in U1-U5 plus those who are employed part time because of economic reasons.  
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show voluntary unemployment that occurs when a person enters the labor force and looks for a job. A recent graduate looking for her first job out of college would be considered fictionally unemployed. Frictional unemployment always exists in an economy  
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show Unemployment that is caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers' skill set, and government programs that create incentives to remain unemployed  
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show A term coined by economist Joseph Schumpeter that refers to the ongoing process of technological innovation and industrial decline. As one industry is being born, another industry is dying. The death of old industry frees up things that can be in the new  
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efficiency wages   show
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show Unemployment associated with downturns in the business cycle. Mos economists view cyclical unemployment as harmful and believe that government is necessary to prevent it from occuring  
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full employment   show
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show The rate of unemployment that exists when there is no cyclical unemployment present in the economy. The natural rate of unemployment is though to be independent of the inflation rate  
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Created by: dmontes16
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