1. The document discusses concepts related to employment including the components of total employment and types of unemployment.
2. It notes that full employment is achieved when the labor force is fully utilized in productive activities. Unemployment occurs when people are able and willing to work but cannot find suitable jobs.
3. Frictional unemployment refers to the natural level of unemployment that occurs during job transitions as people move between jobs or enter/exit the labor force.
1. The document discusses concepts related to employment including the components of total employment and types of unemployment.
2. It notes that full employment is achieved when the labor force is fully utilized in productive activities. Unemployment occurs when people are able and willing to work but cannot find suitable jobs.
3. Frictional unemployment refers to the natural level of unemployment that occurs during job transitions as people move between jobs or enter/exit the labor force.