Unemployment

Concepts

  • Employed vs. Unemployed
  • Labor Force (Who’s Included, Who’s Not)
  • Discouraged Workers
  • Calculating Unemployment Rate
  • Criticisms of Unemployment Rate
  • Underemployed
  • Labor Force Participation Rate
  • Types of Unemployment (Frictional, Cyclical, Structural)
  • Natural Rate of Unemployment (NRU)
  • Factors that Change NRU
  • Costs of Unemployment

Overview

One of the most important measurements of economic performance is the unemployment rate.  In this lesson we cover a wide range of concepts pertaining to unemployment.  We will learn all the information necessary to calculate the unemployment rate and the labor force participation rate.  We also discuss the criticisms associated with these calculations.  Then, we address the different types of unemployment including frictional, structural, and cyclical unemployment.  We conclude our lesson by identifying when an economy is “fully employed” at the natural rate of unemployment (NRU) along with the factors that cause the NRU to change.

Materials

Lecture

Video Coming at Later Date

Quiz

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