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7.1.docx - 1 Unemployment a Definition number of adults who...

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1. Unemployment a. Definition - number of adults who are actively looking for work but do not have a job. b. Costly in terms of lost output for entire economy c. Historical Unemployment Rates i. 25% during Great Depression d. Employment, Unemployment, and the Labor Force i. Population is broken down to 3 categories for 16+ years old 1. Employed, Unemployed, and not in labor force ie homemakers, students, retired, military e. The Arithmetic Determination of Unemployment i. Departures>acquisitions= higher unemployment ii. Stock- quantity of something at a given point in time iii. Flow- quantity measured per unit of time iv. Categories of Individuals who are without work 1. Job loser- employment involuntarily terminated (fired) 2. Reentrant- worked a full-time job before but has been out of the labor force 3. Job leaver- voluntarily ended employment (quit)
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