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UNEMPLOYMENT 
Part 2
Review: 
UNEMPLOYMENT: 
The state of wanting a job, but 
being without a job. 
UNEMPLOYMENT RATE: 
Unemployed People 
Unemployment Rate = 
Total Labor Force
1) Employed and in the Labor Force 
2) Unemployed and in the Labor Force 
3) Not in the Labor Force
WHAT’S A HIGH 
UNEMPLOYMENT RATE? 
4% is considered to be a “good” level of 
unemployment. Thus, anything above this 
could have negative impacts on a country. 
The target unemployment rate varies from 
country to country. Let’s look at why a rate 
of zero is an unattainable goal.
CYCLICAL UNEMPLOYMENT 
Unemployment tied to the business 
cycle. The economy goes through 
periods of growth and recession: during 
recession times, unemployment rises.
CYCLICAL UNEMPLOYMENT 
“The business cycle” - the upwards and 
downwards fluctuations that an 
economy experiences over time.
FRICTIONAL UNEMPLOYMENT 
Unemployment that occurs naturally as 
people move between jobs. At any 
given time, 1-2 percent of unemployed 
people are in the process of 
transitioning from one job to another.
STRUCTURAL UNEMPLOYMENT 
Unemployment that occurs when there is a 
serious mismatch between what companies need 
and what workers can offer. Workers may lack 
the required job skills, or they may live far from 
regions where jobs are available but are unable to 
move there. Or they may 
simply be unwilling to 
work because existing 
wage levels are too low. 
Structural Frictional
“FULL” EMPLOYMENT 
Full employment is the 2nd macroeconomic 
goal. This is not a rate of 0% - it is a 
situation in which all available labor 
resources are being used in the most 
economically efficient way. Full employment 
embodies the highest amount of skilled and 
unskilled labor that could be employed 
within an economy at any given time. The 
remaining unemployment is frictional.
Remember that the unemployment rate is 
an average of a whole country, and that 
certain groups of people may experience 
higher levels of unemployment than others. 
For example, people with 
only a high school degree 
face greater unemployment 
than people with a college 
degree. Minority culture 
groups (see left) might 
experience higher 
unemployment than the 
national averages well. 
USA

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Unemployment Part 2

  • 2. Review: UNEMPLOYMENT: The state of wanting a job, but being without a job. UNEMPLOYMENT RATE: Unemployed People Unemployment Rate = Total Labor Force
  • 3. 1) Employed and in the Labor Force 2) Unemployed and in the Labor Force 3) Not in the Labor Force
  • 4. WHAT’S A HIGH UNEMPLOYMENT RATE? 4% is considered to be a “good” level of unemployment. Thus, anything above this could have negative impacts on a country. The target unemployment rate varies from country to country. Let’s look at why a rate of zero is an unattainable goal.
  • 5. CYCLICAL UNEMPLOYMENT Unemployment tied to the business cycle. The economy goes through periods of growth and recession: during recession times, unemployment rises.
  • 6. CYCLICAL UNEMPLOYMENT “The business cycle” - the upwards and downwards fluctuations that an economy experiences over time.
  • 7. FRICTIONAL UNEMPLOYMENT Unemployment that occurs naturally as people move between jobs. At any given time, 1-2 percent of unemployed people are in the process of transitioning from one job to another.
  • 8. STRUCTURAL UNEMPLOYMENT Unemployment that occurs when there is a serious mismatch between what companies need and what workers can offer. Workers may lack the required job skills, or they may live far from regions where jobs are available but are unable to move there. Or they may simply be unwilling to work because existing wage levels are too low. Structural Frictional
  • 9.
  • 10. “FULL” EMPLOYMENT Full employment is the 2nd macroeconomic goal. This is not a rate of 0% - it is a situation in which all available labor resources are being used in the most economically efficient way. Full employment embodies the highest amount of skilled and unskilled labor that could be employed within an economy at any given time. The remaining unemployment is frictional.
  • 11. Remember that the unemployment rate is an average of a whole country, and that certain groups of people may experience higher levels of unemployment than others. For example, people with only a high school degree face greater unemployment than people with a college degree. Minority culture groups (see left) might experience higher unemployment than the national averages well. USA