unemployment Flashcards
1
Q
what are the 2 ways we measure unemployment
A
claimant count - number of people claiming benefits
labour force survey -
2
Q
what are the 4 types of unemployment
A
frictional
cyclical
structural
seasonal
3
Q
what is frictional unemployment
A
transitional unemployment due to people moving jobs
4
Q
what is cyclical unemployment
A
relationship between demand and unemployment
5
Q
what is seasonal unemployment
A
how the season changes the labour demand
6
Q
what is structural unemployment
A
mismatch of skills and job opportunities as the pattern of labour demand in the economy changes
7
Q
what does unemployment mean in terms of performance
A
the economy isnt operating at its maximal capacity
8
Q
What’s voluntary unemployment
A
When people choose not to take a job at the going wage rate
