Docta Steuter ch 14 Word Scramble
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| Term | Definition |
| Unemployed | Persons 16+ if you have actively searched for work in the last 4 weeks but are not currently employed |
| Employed | Those who have worked at least one hour in the previous two weeks |
| Labor Force | # of employed persons plus the number of unemployed persons |
| Unemployment rate | % of the labor force that is not currently employed |
| Labor Force Participation rate | % of the working age population classified as either employed or unemployed |
| Employment population ratio | % of the working age population that is classified as employed |
| Marginally attached workers | People ready and available to work, who have conducted a job search within the past 12 months, but not searched in the last 4 weeks. |
| Discouraged workers | People who have given up on a job search due to frustration |
| Frictional unemployment | when people voluntarily enter the labor force, or when they are between jobs for which they are qualified |
| Structural unemployment | When job seekers' skill sets are not in demand because of geography or obsolescence |
| Creative Destruction | As innovation occurs, old technologies and industries are destroyed |
| Efficiency wages | Those that exceed the equilibrium market wage. Encourages worker productivity |
| Cyclical Unemployment | Unemployment associated with downturns in the business cycle |
| Full Employment | Occurs when cyclical unemployment is not present in the economy |
| Natural rate of unemployment | Suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate. |
| U3 | official employment rate2 |
| U1 | unemployed 15 weeks or longer0 |
| U2 | lost a job as opposed to quit/reentered1 |
| U4 | adds discouraged works to official rate3 |
| U5 | all marginally attached workers 4 |
| U6 | includes UI-5 & people employed part-time b/c of economic reasons |
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