Chapter 14 Word Scramble
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| Term | Definition |
| Unemployment | People that are 16 years and older, have actively searched for work in the last four weeks, but aren't currently employed |
| Employed | Those who have worked at least one hour with in the last two weeks |
| Labor Force | Number of employed people plus the number of unemployed poeple |
| Unemployment Rate | Percentage of the labor force that is not currently employed |
| Labor Force Participation Rate | The percentage of the working age population classified as either employed or unemployed |
| Employment to Population Ratio | The percentage of the working age population that is classified as employed |
| Marginally Attached Workers | Ready and available to work, who have conducted a job search with-in the past 12 months, but didn't search in the last 4 weeks |
| Discouraged Workers | Unemployed because they don't meet the general technical definition |
| U-3 | Fall between the cracks of the official rate |
| U-1 | People unemployed 15 weeks or longer |
| U-2 | People who lost their job as opposed to those who have quit or those who entered or re- entered the labor force |
| U-4 | Discouraged workers to the official unemployment rate |
| U-5 | Marginally attached workers |
| U-6 | Includes all the above plus those who are employed part-time because of economic reasons |
| Frictional Unemployment | People voluntarily enter the labor force, or when they are in between jobs for which they are qualified |
| Structural Unemployment | Job seekers skill sets are not in demand because of geography or obsolescence |
| Creative Destruction | Old technologies and industries are destroyed which frees up the resources for new technology and its industry |
| Efficiency Wages | Exceed the equilibrium market wage |
| Cyclical Unemployment | Contractions in the business cycle |
| Full employment | Occurs when cyclical unemployment is not present in the economy |
| Natural of Unemployment | Level of unemployment that the economy maintains independent of the inflation rate |
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