Unemployment Flashcards
Outline what is meant by structural unemployment
When people become unemployed because the lack certain skills or education
Outline what is meant by frictional unemployment
When people change jobs or are looking for their first job
Outline what is meant by seasonal unemployment
When the unemployment rate for lifeguards increases during winter
Outline what is meant by cyclical unemployment
When there is a direct link between a down turn in the economy and an increase in unemployment
Explain how unemployment is measured
unemployed divided by labour force multiplied by 100
Discuss how unemployment is used as a measure of economic performance
It determines the number of people that cant find a job, which signals if the economy is strong or weak