Unemployment

Question 1

What is unemployment?

Answer 1

Unemployment is the term for when a person who is actively seeking a job is unable to find work.

Question 2

What is the target rate for unemployment?

Answer 2

5-3%

Question 3

Frictional Unemployment

Answer 3

the unemployment which exists in any economy due to people being in the process of moving from one job to another.

Question 4

Seasonal

Answer 4

When someones job is off and on due to the types of seasons that is currently placed.

Question 5

Cycical

Answer 5

the component of overall unemployment that results directly from cycles of economic upturn and downturn. Ex: truck builders lose their jobs due to no demand for trucks

Question 6

Structural

Answer 6

unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand. Like a type writer maker, not one wants a type writer, their skills are not needed. They will have to find a new skill