econ Word Scramble
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| Term | Definition |
| Unemployment | Persons 16 years of age or older that have actively searched for work in the last four weeks but are not currently employed. |
| Employed | Those who have worked at least one hour in y\the previous two weeks |
| Labor force | people who meet neither criterion |
| Unemployment rate | A percentage of the labor force that is not currently employed |
| Labor force participation rate | the percentage of the working age 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 | People ready and available to work who have conducted a job search within the past twelve moths 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 employment rate does not reflect their numbers |
| U3 | The official unemployment rate to measure those who fall between the cracks of the official rate |
| U1 | only includes people employed 15 weeks or longer |
| U2 | People who have lost a job as opposed to those who have entered or re-entered the labor force or those who have quit |
| U4 | Adds discouraged workers to the official unemployment rate |
| U5 | 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 unemplyment | occurs when people voluntarily enter the labor force, or when they are between jobs on which they are qualified |
| Structural unemployment | Occurs when the job seekers skill sets are not in demand because of geography or obsolescence |
| Creative distruction | structured unemployment. As innovation occurs, old technologies and industries are destroyed, which |
| cylical unemployment | contractions in the business cycle |
| full employment | when cylical unemployment is not present in ecnomy |
| neutral rate unemployment | level of unemployment that economy maintains independent of the inflation rate |
| efficiency wages | those that exceed the equilibrium market wage |
Created by:
jt12
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