Thursday, March 1, 2018

Unit 2 Unemployment

Unemployment- Failure to use available resources, particularly labor to produce desires goods and services.
Population- # of people in a country
Labor force- # of people in a country that are classified  as employed or unemployed

 Groups
1st group-employed
16+ that have a job at least 1hr every 2 weeks.
2nd group-unemployed
people 16+ who do not have a job but searched for a job in the last 2 weeks.
3rd-Not in labor Force
kids, full time students, Retirees, disabled, mentally, institutionalized people, incarcerated, military, home makers, discouraged workers.

 Unemployment Rate
# of unemployed / Total labor force times 100
Types of unemployment
  1. Frictional- Temporary employed "in between Jobs"
  2. Seasonal- working certain time of the year
  3. Structural- Changes in the structure of the labor free market some skills obsolete
  4. Cyclical- As demand and services fall demand and labor falls workers are laid off
*Creative destruction- As new jobs are created old jobs are loss.
      
Rules:

Okuns law- For every 1% in which actual employment exceeds the natural rate of unemployment falls by 2%

Rule of 70- The # of yrs. it takes for GDP to double if the annual inflation rate is 2% how many years will it take for real GDP to double 

GDP- Gross domestic profit



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4 comments:

  1. UnknownMarch 1, 2018 at 7:28 PM

    My comment will be really simple and short! I love that your post hits the main concerns without adding too many details that it gets confusing. Yet, seasonal is like working during a certain season or time for payment what deciphers seasonal working from part-time working? They seem oddly similar to me and as I read this post I find it even harder to determine.

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  2. Elijah LawsonMarch 1, 2018 at 8:54 PM

    Great post!! One thing I want to suggest is that you provide examples for each type of unemployment so that way the viewer can develop a better understanding of them. Another thing I would like to suggest is that for the Rule of 70 you include an example so we can see how the formula is applied to a given scenario.

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  3. UnknownMarch 2, 2018 at 3:25 AM

    Your notes are simple although I would like to add say when telling us those who aren't in the labor force to be formatted as a list so it's easier to read. As well as provide some short relatable examples of the types of unemployment so your readers can retain the information better.

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  4. UnknownMarch 2, 2018 at 4:49 AM

    Why do you think creative distribution is so important and how does it benefit new jobs coming in?

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