Types of unemployment

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Types of unemployment

  1. 1. Bellringer 1. What are three reasons people lose their jobs? 2. What was the AZ unemployment rate in 2011? 3. What was the worst recent year to look for a job in Arizona? 4. According to this graph, describe the Arizona job market in 2014
  2. 2. Review: Calculate unemployment rate in your notes A. Labor force is 150 million. 10 million are children and another 40 million are disabled. There are 10 million unemployed people searching for a job B. Labor force is 100 million. 5 million are retired and another 40 million are full time students. There are 8 million unemployed people searching for a job C. Labor force is 200 million. There are 10 million unemployed people searching for a job and 10 million discouraged workers
  3. 3. Types of Unemployment • Why do people lose their jobs? – Or • Why can’t they find a new job?
  4. 4. Types of unemployment • Frictional Unemployment • New entrants in to job market • Fired, quit, recent graduates
  5. 5. Types of unemployment • Seasonal Unemployment • Certain jobs are not year round
  6. 6. Types of unemployment • Cyclical Unemployment • Job losses caused by less spending • Layoffs during recessions
  7. 7. Types of unemployment • Structural Unemployment • Caused by changes to the economy over time Changes in taste technology Global Competition Lack of skills
  8. 8. Underemployment • When a person is overqualified for their job • Opportunity cost
  9. 9. Unemployment types Assignment 1. Divide your paper into fourths 2. Draw a picture or comic to show the four types of unemployment 3. On the back of the paper, write a few sentences on how you will guard yourself against each type of unemployment • Extra Credit: find an article on one of the unemployment types, cite it and summarize its findings.
  10. 10. GDP Assignment formula Draw a picture of each of the 4 parts of the GDP 1. 2. Which part of the GDP formula is the largest? (It’s the part you are the most involved in) 3. How many recessions has Argentina had since 1900? 4. When was their worst one? 5. Why are recessions good for selling inferior goods? 6. Calculate US GDP 2010 Consumers: $12 trillion Investment: $1.45 trillion Government: $2 trillion Exports: $1 trillion Imports: $2.05 trillion 7. Describe US Trade (net….?)

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