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Unemployed Employed
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Paid employees; self- employed; unpaid workers in a family business. People not working, but looked for work in the past four weeks.
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# Employed + # Unemployed 1.Employed 2.Unemployed 3.Not in the Labor Force
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The Bureau of Labor Statistics (BLS) divides population into three groups: Labor Force:
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# UnemployedLabor × % Force 100 Unemployment Rate
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Percent of labor force that is unemployed. Unemployment Rate:
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Labor ForceAdult × % Population 100 Labor Force Participation Rate
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Percent of the adult population in the labor force. Labor Force Participation Rate:
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Not in the Labor Force Discouraged Workers
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Want to work, but gave up looking. Classification for discouraged workers.
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Long Short
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Length of spells of unemployment. Length of most observed unemployment.
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Cyclical Unemployment Natural Rate of Unemployment
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unemployment around which the actual unemployment rate fluctuates. Deviation of
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This note was uploaded on 08/30/2011 for the course ECO 2013 taught by Professor Barbaramoore during the Spring '08 term at University of Central Florida.

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Exam2 - Flashcards(2) - The flashcards are formatted for...

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