Chapter 14
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| Unemployed | You've been actively searching for work for more than four weeks and are currently not employed
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| Employed | You've worked at least one hour in the past two weeks
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| Labor Force | The number of employed persons plus the number of unemployed persons
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| Unemployment Rate | The percentage of the labor force that isn't employed
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| Employment-to-Population Ratio | The percentage of the working age population that is considered employed
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| Marginally Attached Workers | People who are available to work, have been conducting a job search in the past year, but haven't searched in the last for weeks
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| Discouraged Workers | Unemployed, but the official unemployment rate doesn't reflect their numbers
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| Frictional Unemployment | When people voluntarily enter the labor force
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| Structural Unemployment | When job seeker's skills aren't in demand because of geography
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| Efficiency Wages | Wages that exceed the equilibrium market wage
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| Cyclical Unemployment | Being let go because of major budget cuts
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| Full Employment | When people all have structured jobs
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| Natural Rate of Unemployment | Level of unemployment that in the long run the economy maintains independent of the inflation rate
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| U3 | Those who fall between the cracks of the official unemployment rate
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| U1 | Those who are unemployed 15 weeks or longer
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| U2 | Those who have lost a job
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| U4 | Those who are discouraged workers
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| U5 | Those who are marginally attached workers
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| U6 | All of the other categories, plus those unemployed from economic reasons
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| Creative Destruction | Old technologies and industries are destroyed and replaced with newer ones
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| Labor Force Participation Rate | The percentage of the working age classified as employed or unemployed
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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.
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.
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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