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Eco chapter 13 section 1
Transcript of Eco chapter 13 section 1
frictional unemployment Seasonal unemployment Structural unemployment cyclical unemployment Structural Unemployment Measuring unemployment Full Employment unemplyment that occurs when
people take time to find a job. unempolyment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season. unemployment that occurs when workers' skills do not match the jobs that are available unemployment that rises during economic downturns and falls when the economy improves. Census- is an official court of the population.
Unemployment rate- the percentage of the nation's labor force that is unemployed. Full employment is the level of employment reached when there is no cyclical unemployment. unemployment always exist in a booming economy. Underemployed- working at a job for which one is over
qualified, or working part time work is desired. Discouraged Worker- a person who wants a job but has given up looking. seasonal unemployment is expected thourghout the year
government policy-makers do not take steps to prevent this because it is part of a healthy economy. migrant agriculture workers are an example of seasonal unemployment. Five Major Causes of Structural Unemployment
The development of new technology- new inventions and ideas often push out older ways of doing things.
The discovery of new resources- new resources replace old resources and the industries that provide them.
Changes in consumer demand- customer often stop buying one product in favor of another.
Globalization- the international mobility of capital and labor has fueled a shift from local to global markets.
Lack of education- people who drop out no school or fail to acquire minimum skills needed for today's job market may find themselves unemployed, employed part time, or stuck in a low wage job. the most damaging example of cyclical unemployment is the Great Depression.
one out of every four workers was unemployed. Many remained jobless for years. Out of the the Social Security Act of 1935 was created.
The amount of unemployment in the nation is an important clue to the health of the economy. The United States Bureau of the Census conducts a monthly census realtating to the size and other characteristics of the population. Department of labor, pulls a sample of the popluation to identify how many people are employed and unemployed. Determining the unemployment rate Labor force is composed of civilians age 16 and older who have a job or looking for a job. To determine the unemployment rate BLS officials add up the number of unemployed people that figure equals the total labor force then divide the number of unemployed people by the total of the labor force and multiply by 100. The unemployment rate is only an average for the nation and does not reflect different regions, states, or cities. Zero unemployment is not a achievable goal in a market economy.
In a economy that is working well, has an unemployment rate of around 4 to 6 percent. Underemployment Dicouraged workers Effects of Terriorism Some people during a long recssion gives up hope of finding work.
Discouraged workers do not appear in the unemployment rate because they are not actively looking for work. 2001 terrorists attacks cost the country an additonal 1.5 to 2 million jobs.
Many of the lost jobs were in travel and tourisim the largest drop off was in air transportation accounting for 20 percent of jobs lost.
New York City lost about 150,000 jobs.
some people working at low skill, low wage, maybe highly skilled or educated in a field with few opportuinties these people are under employed.
underemployment also describes the situation of people who want a permanent, full time jobs but have not been able to find one.
part time workers and seasonal workers fit in this category.