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3 Tutorials that teach Unemployment/Full Employment - Frictional / Structural / Cyclical
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Unemployment/Full Employment - Frictional / Structural / Cyclical

Unemployment/Full Employment - Frictional / Structural / Cyclical

Author: Colton Cranston
Description:
This lesson covers unemployment from an economic perspective.
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Tutorial

Notes on "Unemployment/Full Employment - Frictional / Structural / Cyclical"

Key Terms

BLS

Bureau of Labor Statistics—The government agency that produces the Employment Situation report of which the unemployment rate is one statistic.

Frictional Unemployment

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 Rate of Unemployment/Full Employment

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