Where did my job go? Word Scramble
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| Term | Definition |
| Unemployment | actively searching for work for the last four weeks, but are not currently employed. |
| Employed | those who have worked at last one hour in the previous two weeks. |
| Labor Force | the number of employed persons plus the number of unemployed persons. |
| Unemployment Rate | a percentage of the labor force that is not currently emplyed. |
| Labor Force Participation Rate | the percentage of the 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 and available to work, who have conducted a job search withing the past twelve months, but have not searched in the past four weeks. |
| "Discouraged Workers" | unemployed in the general sense, but because they do not meet the technical definition, the unemployment rate does not reflect their numbers. Stopped the job search because of frustration. |
| U3 | measures those who fall between the cracks of the official rate. |
| U1 | only includes people unemployed 15 weeks or longer |
| U4 | adds discouraged workers to the official unemployment rate. |
| U5 | includes all marginally attached workers. |
| U6 | the most all-inclusive measure of unemployment and includes all of 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 between jobs for which they are qualified. |
| Structural Unemployment | job seekers' skill sets are not on demand because of geography or obsolescence. |
| Creative Destruction | ongoing process of technological innovation and industrial decline. |
| Efficiency Wages | those that exceed market equilibrium wage. |
| Full Employment | occurs when cyclical unemployment is present in the economy. |
| Natural Rate of Unemployment | in the long-run there is a level of unemployment that the economy maintains independent of the inflation rate. |
| U2 | Only includes people who have lost a job as opposed to those who have quit or those who have re-entered the labor force. |
| Cyclical Unemployment | occurs because of contractions in the business cycle. |
Created by:
Mary-Jo
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