Its not just people who don’t have a job anymore
What causes unemployment?http://www.youtube.com/watch?v=pVVk_NiQRls
http://www.youtube.com/watch?v=hwWGzQ_FUtQ
16-65 who are not working but are looking for a job.
Drop outs are people who have stopped looking for a job. Even if they could get a job they would not take it.
Retirees don’t count Full-time Students
don’t count Committed individuals
don’t count Incarcerated
individuals don’t count
http://www.youtube.com/watch?v=_CdTu1pk06w
http://www.youtube.com/watch?v=Ulu3SCAmeBA
Frictional Unemployment:o Unemployment caused
when people move from job to job and claim benefit in the meantime
Seasonal Unemployment: Unemployment caused because of the seasonal
nature of employment – tourism, skiing, cricketers, beach lifeguards,
Structural Unemployment: Unemployment caused as a result of the decline
of industries and the inability of former employees to move into jobs being created in new industrieso technology
When the structure of the economy changes to make jobs obsolete.
Technological Unemployment: Unemployment caused when developments in
technology replace human effort – tech. in manufacturing, administration
Cyclical Unemployment is unemployment caused by the fluxuations in the business cycle.
Ex- Layoffs during an economic slowdown or recession
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