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Unemployment and GDP

QuestionAnswer
Frictional Temporary unemployment or being between jobs
Structural Changes in the labor force make some skills obsolete
Cyclical Unemployment caused from a recession
Unemployment rate equation #of unemployed/# labor force
Natural rate of unemployment frictional+structural the amount of unemployment that exists when economy is healthy and growing.
GDP Dollar value of all final goods and services produced within countrys borders in one year
Per GDP GDP/population (how much products each person makes)
Change in GDP equation year 2 -year 1/year1*100
Created by: JellyfishGriddy
 

 



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