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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

This lesson covers unemployment from an economic perspective.

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Terms to Know
BLS (Bureau of Labor Statistics)

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

Cyclical Unemployment

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

Frictional Unemployment

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

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.

Structural Unemployment

Unemployment resulting from changes in the structure of the economy.