Chapter14.2Notes: Unemployment. Measuring unemployment A. To be considered unemployment, you must meet the following: 1. > 18 yrs. old 2. Available & looking for work within the past month. 3. Not working or worked less than 1hr
A. To be considered unemployment, you must meet the following:
1. > 18 yrs. old
2. Available & looking for work within the past month.
3. Not working or worked less than 1hr
within the past week.
B. Bureau of Census conducts the unemployment survey based on above criteria. They pass the results to the Bureau of labor and they determine….
C.Unemployment Rate =
# in labor force
1. Labor force = employed + unemployed
2. Remember to follow rules regarding
who is unemployed
A. Structural Unemployment = job no longer exists in our society
16 teachers, others to get laid off in SeattleSchool Board takes action to balance budget
Seattle Public Schools plans to notify 16 teachers and other school employees this week that they will be laid off at the end of the
B. Cyclical Unemployment = unemployed because
of a downturn in the business cycle (ie.
C. Seasonal Unemployment = season or weather related unemployment
D. Technological Unemployment =
unemployed because machinery / automation has replaced you
E. Frictional Unemployment = workers
who quit, laid off, or fired and
looking for another job
1. Use this option if A,B,C, or D
above do not apply
III. Full Employment Unemployment Rate
A. Definition = Lowest possible
unemployment rate where economy is
being efficient (usually 5%)
B. Why can’t we have 0% unemployment?
Because even if the economy has
enough jobs for everyone, someone will
1. In the process of looking for a new