Mods. 12 & 13 vocab

Front

People holding a job in the economy, full or part time.

Back

employed

Front

Equal to the sum of employed and unemployed.

Back

labor force

Front

People actively seeking work but not employed.

Back

Unemployed

Front

Workers wanting more hours or overqualified for their job

Back

underemployed

Front

Percentage of population aged 16+ in the labor force

Back

Labor Force Participation Rate

Front

Percentage of labor force that is unemployed

Back

Unemployment Rate

Front

Non-working individuals capable of work but have stopped job searching due to market conditions.

Back

Discouraged Workers

Front

Employed in the past, not currently seeking work.

Back

Marginally Attached Workers

Front

Workers seeking employment

Back

job search

Front

Unemployment due to time spent in job search

Back

Frictional Unemployment