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Assessing Costs of Unemployment--Labor Economics

Assessing Costs of Unemployment--Labor Economics

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Author: Catherine Barry
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Notes on "Assessing Costs of Unemployment-- Labor Economics"

Terms to Know

Frictional Unemployment 

Natural separation from employment; underlies the "natural rate of unemployment."  Employees looking for positions that are available.

Structural Unemployment

Unemployment resulting from changes in the structure of the economy.

Cyclical Unemployment

Unemployment that follows the business cycle; falls as the economy expands and increases as the economy slows.

Natural Unemployment

The unemployment rate consistent with full employment; typically considered to be 5% and attributed to frictional unemployment.