Low Unemployment

Question 1

Unemployment

Answer 1

People willing and able to work but are unable to find jobs.

Question 2

Labour force

Answer 2

All people of working age who are either employed or willing and able to work.

Question 3

Natural Rate of Unemployment

Answer 3

The level of employment at when the economy is operating at full employment, consisting of seasonal, frictional, and structural unemployment.

Question 4

Cyclical Unemployment

Answer 4

unemployment due to contractions in the economy.

Question 5

Structural Unemployment

Answer 5

structural changes in the economy that eliminate some jobs and create others for which the unemployed are unqualified.

Question 6

Seasonal Unemployment

Answer 6

Individuals who only work during certain seasons.

Question 7

Frictional Unemployment

Answer 7

Qualified individuals with transferable skills who change jobs.

Question 8

What are the difficulties of measuring unemployment

Answer 8

• hidden unemployment
• underemployment
• discouraged workers

Question 9

hidden unemployment

Answer 9

Not all people claim benefits when unemployed, or are not eligible for benefits so they are not recorded.

Question 10

underemployment

Answer 10

Part time work, when you want full time work. Work in which you are overqualified for.

Question 11

discouraged workers

Answer 11

Those who would like to work, but have given up.

Question 12

4 causes of unemployment

4 types of unemployment

Answer 12

• Frictional unemployment
• Structural unemployment
• Seasonal unemployment
• Cyclical unemployment