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March 23 Notes.

March 23 Notes. - Chapter 15 Unemployment 1 Natural Rate of...

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Chapter 15 – Unemployment. 1. Natural Rate of Unemployment: o An average over time that usually around 5%. 2. Cyclical Unemployment: o This varies around the natural rate. o If you look at a graph over time, unemployment will vary, but it moves in cycle. o If you take an average over time, however, that would be the natural rate. o Done by the BLS. The BLS interviews 60,000 households per month. Example: o (1) Population: 300 people. o (2) The BLS then places people into one of two categories: o A. Working Age Population (WAP). The non-institutionalized civilian population. o B. Non-WAP: Younger than 16 years old. Institutionalized. Prison. Asylum. o (3) Then, the next classification is the labor force (LF). Not being in the labor force means that you’re not looking for a job and don’t have a job. This could also be retired people. Full-time students. o (4) The LF is broken down into employed and unemployed.
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