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Unemployment
Unemployment
Unemployment
Unemployment
Unemployment
Unemployment
Unemployment
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Unemployment

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Transcript

  • 1. Unemployment Economics 2
  • 2. What is it?!
    • It is not just personal…it is an issue for the national economy as well
    • Can measure health of economy by the unemployment rate
    • Four kinds:
      • Frictional
      • Seasonal
      • Structural
      • Cyclical
    Poor Man’s Water Heater
  • 3. Frictional
    • Occurs when people take time to find a job
      • Changing jobs
      • Laid off
      • After college
      • Unsatisfaction
    • There are many people in this category
    • Not who we consider “poor”
    What poor college students eat!
  • 4. Seasonal
    • Occurs when industries slow or shut down for a season or make seasonal shifts in their production schedules.
    • Can also result from harvest schedules or vacations…ie School out for summer!
    • Soon you and I will be seasonally unemployed!
    • This is a normal part of a healthy economy
    • This can be difficult for migrant workers
    The Grape Picker
  • 5. Structural
    • Occurs when workers’ skills do not match the jobs that are available.
    • Five major causes
      • Development of new technology
      • Discovery of new resources
      • Changes in consumer demand
      • Globalization
      • Lack of education
    Street Cleaner!
  • 6. Cyclical
    • Unemployment that rises during economic downturns and falls when the economy improves
    • Recession=lower demand for labor
    • Many laid off employees will be rehired when the economy improves
    • This can stress the economy
    Does Britney fit in this category?!
  • 7. Measuring Employment
    • The government keeps track of how many people are unemployed and why
    • Census: official count of the population
      • Department of Labor
      • Computes unemployment rate, or the percentage of the labor force that is unemployed
    • Add up the number of employed and unemployed people. That equals the labor force. Then divide the number of unemployed by the total labor force and x by 100.

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