TOPICS
What is Unemployment?
- Who is included and who
is not?
- The Unemployment Rate and the "Real" Rate of
Unemployment
What is Full Employment and the Types
of Unemployment?
- The Natural Rate of
Unemployment
- Changes in the Natural Rate of Unemployment
- The Costs of Unemployment
OUTCOMES
What is unemployment?
Describe how unemployment is measured. How is the
unemployment rate calculated? Who is included as
employed, unemployed, and who is not in the labor
force?
Why might UE increase as an
economy is beginning to recover from a
recession?
Define the "Real Rate of
UE".
What is full employment? Identify
the full employment, or natural rate, of unemployment and
explain why 5% unemploymnent can be called full
employment.
Define and give examples of
frictional, cyclical, and structural
unemployment.
How and why has the natural rate
of unemployment changed over the past five or six
decades?
Why might UE increase as an
economy is beginning to recover?
Jan. 2015: US population
320,090,000; US labor force 157,180,000
Sept. 2015: US population 321,650,000; US labor force
156,715,000
How can the size of the labor force decline as the size
of the population increases?
Identify the economic costs of
unemployment and the groups that bear unusually heavy
unemployment burdens.
What is a positive GDP gap and a
negative GDP gap?
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