Unemployment Word Scramble
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| Term | Definition |
| Unemployed | Persons 16 years or older without a job who have actively seeked employment in the passed 4 weeks |
| Employed | Those who have worked at least 1 hour in the previous 2 weeks |
| Labor Force | Number of employed people added to the number of unemployed |
| Unemployment Rate | Percentage of the labor force that is not currently employed |
| Labor Force Participation Rate | 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 | Looked for a job in the past 12 months, but not the past 4 weeks |
| Discouraged Workers | Those who have given up on the job search |
| U1 | Includes those who have been unemployed 15 weeks or longer |
| U2 | Includes those who have lost a job, but have not quit |
| U3 | The official unemployment rate |
| U4 | Includes discouraged workers |
| U5 | Includes marginally attached workers |
| U6 | Includes all types of workers from U1-U5 as well as part-time workers |
| Frictional Unemployment | People voluntarily enter the work force; people in between jobs they are qualified for |
| Structural Unemployment | The job seeker's skill set is not in demand due to geography or obsolescence |
| Cyclical Unemployment | Occurs due to contractions in the business cycle; involuntary; creates a feedback loop |
| Full Employment | Occurs when cyclical unemployment is not present in the economy |
| Natural Rate of Unemployment | The theory that there is a level of unemployment that the economy maintains independent of inflation rate |
| Creative Destruction | Innovation occurs which results in the destruction of old technologies and industries |
| Efficiency Wages | Wages that exceed market equilibrium and encourage worker productivity |
Created by:
croy15
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