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LABOR. And UNEMPLOYMENT. Video tutorial:. http://mcjags.com/Page/2410 Go to ECON LINKS PAGE and scroll to VIDEO TUTORIALS: MACROECONOMICS and choose Episode 18 UNEMPLOYMENT (2:50) Episode 18: UNEMPLOYMENT (2:50). THE LABOR FORCE:.

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Labor

LABOR

And UNEMPLOYMENT


Video tutorial
Video tutorial:

  • http://mcjags.com/Page/2410 Go to ECON LINKS PAGE and scroll to VIDEO TUTORIALS: MACROECONOMICS and choose Episode 18 UNEMPLOYMENT (2:50)

  • Episode 18: UNEMPLOYMENT (2:50)


The labor force
THE LABOR FORCE:

  • Includes all the members of the population who are employed or actively looking for work

  • Only adults (ages 16 +) who are NOT incarcerated

  • DISCOURAGED WORKERS: people not in the labor force; they want to work but have given up looking for a job because they don’t believe any are available

  • UNDEREMPLOYED WORKERS: work at jobs which pay below their skill level; often work 2 or more jobs; are counted


Average labor productivity
AVERAGE LABOR PRODUCTIVITY

  • a measure of how much the typical worker can produce

  • Mathematically, this is the economy’s

    AVG. LABOR = TOTAL OUTPUT (GDP)

    PRODUCTIVITY TOTAL # OF WORKERS


Unemployment
UNEMPLOYMENT:

  • UNEMPLOYMENT RATE: the number of people employed divided by the labor force


4 types of unemployment
4 TYPES OF UNEMPLOYMENT

  • STRUCTURAL

  • CYCLICAL

  • FRICTIONAL

  • SEASONAL


Video tutorial1
Video Tutorial :

  • http://mcjags.com/Page/2410: Go to ECON LINKS PAGE and scroll to VIDEO TUTORIALS: MACROECONOMICS and choose Episode 19: TYPES OF UNEMPLOYMENT (4:19)

  • Episode 19: TYPES OF UNEMPLOYMENT (4:19)


Structural unemployment
STRUCTURAL UNEMPLOYMENT

  • Results from changes in the goods that consumers demand

  • Results from changes in TECHNOLOGY – PROGRESS! “Gale of creative destruction” – Joseph Schumpeter

  • It’s a mismatch between SKILLS workers possess and SKILLS the market demands

    (People don’t want BUGGY WHIPS; they want STEERING WHEELS now!)


Cyclical unemployment
CYCLICAL UNEMPLOYMENT

  • Due to fluctuations in the business cycle

  • MOST SERIOUS TYPE: the economy is in trouble

    • CONTRACTING

    • IN A TROUGH

    • IN A RECESSION

    • RECESSION:

    • two consecutive quarters (6 mo.) of negative growth in GDP

    • DEPRESSION:

    • eight consecutive quarters (2 yrs.) of negative growth in GDP


Frictional unemployment
FRICTIONAL UNEMPLOYMENT

  • Results from the time-lag between when a worker is fired or quits his job and when he finds a new one

  • Job searching, applying and interviewing, relocating, and moving up!

  • Can NEVER be eliminated (only reduced)

  • Not always bad! (quit a crummy job for a better one!)


Seasonal unemployment
SEASONAL UNEMPLOYMENT:

  • Jobs are associated with seasons

    • Lifeguards = unemployed in the winter

    • Roofers = work during hot summer


Natural unemployment rate
NATURAL UNEMPLOYMENT RATE

  • Even when the ECONOMY is at FULL EMPLOYMENT, some types of UNEMPLOYMENT are inevitable:

    --frictional (main component of natural unemployment)

    --seasonal (least serious)

    --STRUCTURAL (serious) due to progress! (Think buggy whips)




Newshour reports
Newshour Reports:

  • REALITIES of the Recession & Changing Workforce (20:44)

  • UNEMPLOYMENT - Many Left Uncounted (10:53)

  • FINDING WORK (7:21)

  • LENGTHY JOBLESSNESS TAKES TOLL ON 99ers

    (9:19)

    STRESS and BURNOUT TAKING TOLL on WORKERS (7:53)




2. Frictional unemployment is caused by

  • a. obsolete (outdated) skills

  • b. economic downturn

  • c. high inflation

  • d. undervalued currency

  • e. time-lag between jobs







  • 5. Jill recently quit her job as a restaurant hostess because she just finished college and is going to work as a physical therapist.

  • a. technologically unemployed

  • b. cyclically unemployed

  • c. seasonally unemployed

  • d. structurally unemployed

  • e. frictionally unemployed





End of quiz
END OF QUIZ approximately


Video tutorial on unions
Video Tutorial on UNIONS: approximately

  • ECONOMICS USA: Program #9 LABOR AND MANAGEMENT (30:00)


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