Krueger, Explorations in Economics 1e, Module 41

Cyclical unemployment

Joblessness caused by an economic contraction.

Discouraged workers

People who would like to work but have given up on their job search.

Frictional unemployment

Short term unemployment that occurs while workers are searching for a job best suited for their skills and interests.

Seasonal unemployment

A loss of jobs due to a change of seasons.

Structural unemployment

A mismatch between job seekers and the types of jobs available.

labor force

The combination of the employed workers and the unemployed workers, excluding those in the military or in prison.

Full employment

The level of employment when there is no cyclical unemployment. Due to the existence of other types of unemployment, the achievement of full employment does not mean that every worker is employed.

Total unemployment

The number of workers in an economy who are actively seeking jobs but not actually woring.

unemployment rate

The percentage of the labor force without a paid job.

Total employment

The total number of employed workers in an economy, whether they work part time or full time.

natural rate of unemployment

The unemployment rate in the absence of cyclical unemployment, around which the actual unemployment rate fluctuates.

Underemployed

Workers would like to work more hours or prefer a job that better matches their skills.