Unconstrained supply of labor – The amount a household would like to work within a given time period at the current wage rate if it was able to find work.
Underground economy – The part of the economy where transactions take place and income is generated but it is not recorded and therefore not included in the calculation of GDP.
Unemployed – A person who is over 16 years of age, is not retired, is able to work, is currently not working, and has made attempts within the past month to find work.
Unemployment rate – The percentage of the labor force that is unemployment, it is the ratio of the number of people who are unemployed to the number of people currently in the labor force.
Unemployment rate = number of people unemployed/number of people in the labor force.
Unit elastic demand – When the percent change in quantity demanded is equal to the percent change in price.
Unit elastic supply – When the perent change in quantity supplied is equal to the percent change in price.
Unit of account – A standard unit that provides a consistent way of quoting prices, such as the US dollar.