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Transcript of UNEMPLOYMENT
What does it mean when someone is unemployed??
Unemployed = people who are without a job but are actively seeking employment
unemployment rate = the percentage of people who are unemployed
TYPES OF UNEMPLOYMENT
when a worker is between jobs. trying to
ind a better job.
lack of demand, lay-offs,
downturn in business cycle (recession)
changes in weather
What do Economists consider FULL EMPLOYMENT?
when the unemployment rate is between 4-6%
does not include:
under 16 years old
those in prison or mental institution
people who don't want to work
people not looking for employment
Frictional = Finding something better
Structural = skills
Human capital doesn't match the needs of employers.
lack of skills or education, increase in technology
Cyclical = business CYCLE
Seasonal = SEASON
Don't need him in July!
don't need them in January!
only need in spring / fall
China - 4.1%
x 100 = Unemployment rate
long run (you are always looking for better)
long run (technology always ahead of skills/training)
short run (changes based on how economy is doing)
long run (always going to be season changes)