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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AVG. LABOR = TOTAL OUTPUT (GDP)
PRODUCTIVITY TOTAL # OF WORKERS
(People don’t want BUGGY WHIPS; they want STEERING WHEELS now!)
--frictional (main component of natural unemployment)
--seasonal (least serious)
--STRUCTURAL (serious) due to progress! (Think buggy whips)
STRESS and BURNOUT TAKING TOLL on WORKERS (7:53)
2. Frictional unemployment is caused by