Definitions
What is the definition of Unemployment
unemployment, is the condition of one who is capable of working, actively seeking work, but unable to find any work
what type of unemployment happens when people are in between jobs?
Frictional Unemployment
A recent college graduate is still searching for the first full-time job
Frictional
The percentage of the labor force without a job but actively looking
unemployment rate
What type occurs when theres a mix up between workers skills and job requirements?
Structural Unemploymet
A factory worker loses their job when the factory replaces human workers with robots
Structural
the total number of people who are either employed or actively seeking work.
Labor Force
What type is the result of businesses only needing workers at a certain times of the year?
Seasonal Unemployment
A lifeguard is out of work during the winter when the public pool closes
Seasonal
When people work part-time jobs or jobs below their skill level because full-time or appropriate work isn't available
Underemployment
what type is caused by economic downturns, this type increases during recessions.
Cyclical Unemployment
A construction worker is laid off because of a downturn in the housing market
Cyclical
The percentage of the working-age population that is either employed or actively seeking employment
Labor Force Participation Rate
The term that refers to people who stopped looking for work
Discouraged Workers
A ski instructor loses work in the summer when resorts close.
Seasonal