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.
