14 Unemployment Flashcards
person having a paid job
employed
person searching for a job but cannot find one
unemployed
job doesn’t use worker’s skills, or is part-time only
underemployed
able to work but discouraged about the prospects of finding employment
hidden
finds work for only portion of a year due to seasonal nature of job
seasonal
out of work because of business cycle
cyclical
people that are in between jobs, quit jobs to look for another
frictional
out of work because economy is set-up to their disadvantage
structural
incl. employed + unemployed
labor force (LF)
incl. employed, unemployed, out of labor force
economically active population (EP)
working paid job but is willing to work for more hours
underemployed (UN)
working a paid job for at least some min amount of time
employed (N)
no job and looking for a job, waiting to start one, or temporarily laid off
unemployed (U)
formula for labor force participation rate
[LF/EP] x 100
formula for underemployment rate
[UN/N] x 100
formula for employment rate
[N/LF] x 100
formula for unemployment rate
[U/LF] x 100
formula for unemployment rate
[(LF-N)/LF] x 100
