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What is the equation for unemployment?
What are the four types of unemployment?
- 1. Seasonal
- 2. Structural
- 3. Frictional
- 4. Cyclical
What is seasonal unemployment? What are some examples?
- Unemployment caused by changes in the seasons
- Ex. migrant workers, ski resort workers, life guards, and Santa Claus
What is structural unemployment? What is a cause?
- Unemployment caused by a mismatch of skills of workers out of work and skills needed; also occurs when experienced manufacturing jobs are replaced by technology
- Lack of education and training is a cause.
What is frictional unemployment? What is an example?
- transitional unemployment; resulting being "in between" jobs
- Ex. spouse moves across country and professional spouse waits for a new job
What is cyclical unemployment?
Unemployment as a result of recession; directly tied to a company's decline in productivity resulting from decline in demand
What is the most damaging and largest type of unemployment?
What type of unemployment was seen during the Great Depression and current recession?
What is the current unemployment rate? What is the rate for each type of unemployment?
- Unemployment = 6.7%
- Seasonal = not counted in rate
- Structural = 2%
- Frictional = 1.5%
- Cyclical = 3.2%
Unemployment and _____ ______ _____ is a focus for both high schools and colleges as the markets for jobs becomes more competitive.
job market preparation
What three developments are key to competitive jobs?
Technical training, job placement, and workforce development
Opponents of _____ _____ increases, higher taxes for business and imports all argue that these lead to _____ _____
minimum wage; higher unemployment
Unemployment rates are _____.
How is someone classified as unemployed?
One must be actively looking for work - thus discouraged workers (those who quite looking for work) are not counted
Who is ranked lowest in unemployment among other industrialized countries?
The United States
What are the unemployment rates for Great Britain, Germany, France, US, and Mexico?
- Great Britain: 12%
- Germany: 14%
- France: 15%
- US: 6.7%
- Mexico: 35%