1. Human Capital

2. 4 Types of Unemployment 1. Frictional Unemployment: People take time off to find jobs 2. Seasonal Unemployment: Industries slow down or shut down for a season (ex. Holidays)

3. Unemployment Continued… 3. Structural Unemployment: Workers skills do not match the jobs available (ex. Overqualified or under-qualified) 4. Cyclical Unemployment: Employment based on the economic improvements or downturns (ex. Farming) Unemployment rate of 4% 6% is Normal

5. Rank by sovereign state Rank by entity EntityUnemployment rate (%) 1421Cuba2.50 2028MexicoMexico (Underemployment 25%)3.20 2533South Korea3.60 2736Japan4.20 2938Austria4.40 3343United States4.70 3444Australia4.80 3545United Kingdom5.50 4457Canada6.10 6378Italy8.60 —80Israel8.80 7389People's Republic of ChinaPeople's Republic of China (mainland only)mainland9.80 7594FranceFrance (metropolitan)metropolitan10.10 8099Germany10.60 86105Iran11.20 108132Jamaica15.00 112137Dominican Republic17.00 131158Iraq25.00 132159Saudi Arabia25.00 134161South Africa26.20 157191Zimbabwe80.00 158192Liberia85.00

6. Migration Movement of people in search for employment. Rust Belt - A term coined from the Manufacturing  Includes: Indiana, Ohio, Lower Peninsula of Michigan, Lake Michigan shoreline of Wisconsin, Upstate New York, NYC & Northern New Jersey  Most of Pennsylvania & northern part of West Virginia

8. Migration Continued Major decrease in urban population with a dramatic increase in the suburbs Sunbelt includes: Arizona, California, Florida, Georgia, Louisiana, Nevada, New Mexico, Texas, North Carolina  Substantial population and economic growth in recent decades

10. Great Migration Movement of over 1 million African Americans from the South to the North (from 1914-1950) and from rural to urban centers in the early 1900’s  Transformed major cities like Chicago Push/Pull Effect: New Jobs in the North and Racism in the South