Unemployment

Question 1

What is frictional unemployment?

Answer 1

When people try to find a transitional job [job change, dissatisfied with current job, post-schooling]

Question 2

What is seasonal unemployment?

Answer 2

When industries adjust to natural seasons [Agriculture summer, holiday jobs, winter/summer specific jobs]

Question 3

What is structural unemployment?

Answer 3

When a worker’s skills do not match the available jobs [New tech, change in demand, globalisation, lack of education]

Question 4

What is Cyclical unemployment?

Answer 4

Unemployment that mirrors the economic cycle [laid-off, downsize etc due to low economy size]

Question 5

What is underemployment?

Answer 5

When a worker holds a position unworthy of their qualifications/skills [Scientist flipping burgers, part-time worker when full-time is desired]

Question 6

What is a discouraged worker?

Answer 6

A person who couldn’t find a job so they gave up on looking.

Question 7

What is the Labor Force?

Answer 7

All the people able to work in a given population who have or are looking for a job.

Question 8

What is the unemployment rate?

Answer 8

The percentage of people in the labor force who are unemployed

Question 9

What does employed mean?

Answer 9

Currently working at a job as either a full-time or part time worker.

Question 10

What does unemployed mean?

Answer 10

Currently looking for work or temporarily laid-off from work.