Unit 5 Lesson 3 Unemployment

Unit 5 Lesson 3 Unemployment ______: A person that is actively looking for a job, but______. In the short video about unemployment, what is the main reason why the other workers weren’t considered unemployed? ______• ______: all nonmilitary people that have jobs plus the unemployed • ______: percentage of the labor force that are unemployed • Unemployment doesn’t take into account: ______: people that looked for a job but stopped and gave up. ______: working at a job which one is over qualified, or working part-time when full-time work is desired Is unemployment an accurate measurement of the actual percentage of people working? ______4 Types of unemployment 1. ______: unemployed because you are looking for a ______2. ______: unemployment that occurs because of harvest schedules or vacations. Like a person that works as a Santa Klaus. 3. ______: unemployment occurs because people’s skills don’t match the jobs that are available. 4. ______: Unemployment results because of a contraction period of the business cycle. Economic Impact 1. ______: Good for economy because people are getting better jobs. 2. ______: No impact on economy because it is a usual occurrence 3. ______: Bad for individual because the lose their job, Good for economy because it cuts costs and makes company more efficient 4. ______: Bad for economy and for individuals.

Full employment is not ______employment rate Full employment: the level of employment when there is no ______unemployment. It is up to 6% unemployment. Normal unemployment of a healthy economy is ______. UNEMPLOYMENT

Counted or Not for Unemployment Rate 1. Retired Teacher working at Walmart for fun 2. Your 12 year old Brother 3. Stay at home mom/dad 4. Homeless guy 5. Bio Med Graduate working as a waiter 6. Woman who lost her job now collecting unemployment money 7. Old guy who got fired can’t find a job, so quits looking 8. You

Use the following society to answer the questions below: 20 Children 5 teenagers working at Starbucks 70 People earning wages at their job. 2 People recently got fired from their jobs and are looking for a job. 3 People recently quit their jobs and are looking for a better job. 10 People are working at a job below their qualifications 20 Stay at home mom’s and dads 20 Retired people not working 10 homeless people 10 People got fired from their job and couldn’t find a job, so they quit looking for one 5 People working part time because they can’t find a full time job. 5 People that are waiting for Christmas so they can work as Santa Claus at the mall.

What is the total number of people in this society?

How many of them have a job?

What is the employment rate?

What is the unemployment rate?

What is the actual percentage of people working?