Econ ch 14 Word Scramble
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| Term | Definition |
| Unemployed | People 16yrs+ who have actively searched for work in the last 4 weeks but are not currently employed |
| Employed | People who have worked at least 1hr in the previous 2 weeks |
| Labor Force | Number of employed people plus number of unemployed people |
| Unemployment Rate | Percentage of labor force that is not currently employed |
| Labor Force Participation Rate | Percentage of working age population classified as either employed or unemployed |
| Employment-to-Population Ratio | Percentage of working age population that is classified as employed |
| Marginally Attached Workers | People ready & available to work who have conducted a job search in the last year, but not in the last month |
| Discouraged Workers | People who have given up the job search in frustration and don't meet unemployment qualifications |
| U3 | Official unemployment rate |
| U1 | Unemployed 15 weeks or longer |
| U2 | Lost a job as opposed to quit or reentered the labor force |
| U4 | Adds discouraged workers to official unemployment rate |
| U5 | All marginally attached workers |
| U6 | Inclused U1-5 plus people employed part-time because of economic reasons |
| Frictional Unemployment | Voluntarily enter the work force or are between jobs they are qualified for |
| Structural Unemployment | When job seekers' sill sets are not in demand because of geography or obsolescence |
| Creative Destruction | Happens when innovation occurs, and old technologies & industries are destroyed |
| Efficiency Wages | Those that exceed the equilibrium market wage |
| Cyclical Unemployment | Occurs because of contractions in the business cycle |
| Full Employment | Occurs when cyclical unemployment isn't present in the economy |
| Natural Rate of Unemployment | In the long run, a level of unemployment that the economy maintains independent of the inflation rate |
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Hannah W
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