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Published byEdward Foster Modified over 8 years ago
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Types of Unemployment Frictional Unemployment Structural Unemployment Cyclical Unemployment Quick Practice Lets add Seasonal Unemployment
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Who are the Unemployed? It’s a long story… Start with the total population of the US: Subtract those under 16 Subtract those in the Armed Forces and "institutionalized" This gives you the “Non Institutional Adult Civilian Population”
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Who are the Unemployed cont. From Non-Institutional Adults… Subtract those already retired and the “homemakers” Subtract full time students over the age of 16 Subtract the "discouraged" (those not looking) This leaves the “Civilian Labor Force”
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Who are the Unemployed cont. From the Civilian Labor Force… Subtract Full time employees Subtract Part time workers (15-39 hr/wk) Subtract unpaid family business workers (family) Subtract anyone on sick leave, strike, or vacation This is the “Employed Population”
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Who are the Unemployed? cont. Everyone else… They must be either looking for a job and not finding one, or in between jobs/changing careers NOTE: People who would like work but have given up looking for a job are “Discouraged workers” and DO NOT count toward the official unemployment rate.
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Human Capital The knowledge, skills, training, etc… that make a person productive. any other measure of quantity of labor. It is not a measure of the Quantity of Labor
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