Types of Unemployment
Measuring Unemployment
Costs of Unemployment
100
what type of unemployment occurs when college graduates engaged in job searches
Frictional Unemployment
100
U.S. agency that calculates unemployment
Bureau of Labor Statistics (BLS)
100
the total money spent on final goods and services by individuals and households.
Consumer Spending
200
This unemployment arises when a factory worker losses their job when their employer automated assembly lines with robots
Structural Unemployment
200
What formula is this for?
Unemployed ÷ Labor Force × 100
Unemployment Rate
200
Opportunity Cost of Unemployment
the loss of potential goods and services (output) that a society could have produced if the unemployed workers were employed / GDP
300
This type of unemployment above Natural level
Cyclical Unemployment
300
individuals who are eligible and able to work but have stopped looking for jobs because they believe no suitable positions are available for them
Discouraged Workers
300
After a recession, an unemployed workers skills become less valuable to potential employers, reducing their chances of being hired.
Hysteresis/Skill Erosion
400
workers like lifeguards or farmhands often experience this type of unemployment
Seasonal Unemployment
400
The broadest measure that includes underemployed and part-time workers
U-6 Rate
400
You get weekly paychecks from the government for being unemployed
Unemployment Benefits
500
the equilibrium rate of unemployment in an economy
Natural Rate of Unemployment
500
The official unemployment rate
U-3 Rate
500
Law estimating lost GDP from rising unemployment
Okun’s Law