Ch. 14: Unemployment Word Scramble
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| Term | Definition |
| unemployed | Persons 16+ if they have actively searched for work in the last 4 weeks but no employed |
| employed | those who have worked at least one hour in the last two weeks |
| labor force | Number of employed + the number of unemployed |
| unemployment rate | percentage of labor force that is not 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 classified as employed |
| marginally attached workers | ready and available to work; have searched for a job in the last year but not in the past 4 weeks |
| frictional unemployment | people who voluntarily enter the work force or are between jobs |
| structural unemployment | person without a job becuase jobs seeker's skill set is not in demand due to geography or obscelence |
| cyclical unemployment | most insidious; occurs because of contractions in the business cycle; not voluntary nor the result of skill-set mismatch |
| full employment | when cyclical unemployment is not present |
| natural rate of unemployment | Level of unemployment that will always be present |
| discouraged workers | unemployed; given up in the job search |
| U1 | includes people unemployed fifteen weeks or longer |
| U2 | includes people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force |
| U3 | Official unemployment rate |
| U4 | adds discouraged workers to official unemployment rate |
| U5 | includes all marginally attached workers |
| U6 | most all-inclusive measure of unemployment; includes U1-U5 plus thoae whoa re employed part-time for economic reasons |
| creative destruction | old technologies and industries are destroyed to make way for new ones |
| efficiency wages | those that exceed the equilibrium market wage |
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cnguyen15
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