Eco- Unit 3--unemployment
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| employed | anyone 16 or older working at least 1 hour legally
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| unemployed | anyone 16 or older actively seeking work
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| labor force | anyone 16 or older working legally or actively seeking work
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| labor force participation rate | % of the population 16 or older in the labor force
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| unemployment rate | % of the labor force looking for work
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| frictional unemployment | -person has chosen to be unemployed
-people temporarily between jobs; may have quit one job to find another; finding best opportunity after high school or college
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| structural unemployment | -job is eliminated & probably not coming back
-people who lack skills or don't have sufficient edu.
(new technology comes)
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| cyclical unemployment | arises during a RECESSION due to LAYOFFS & TEMPORARY decrease in demand
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| full employment | only frictional & structural
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| "actual unemployment" | -exists currently in an economy
**frictional + structural + cyclical**
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