<p>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.</p><p>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</p><p>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</p><p>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.</p><p>What is the total number of people in this society?</p><p>How many of them have a job?</p><p>What is the employment rate?</p><p>What is the unemployment rate?</p><p>What is the actual percentage of people working?</p>