EconNotes_4-6-10 - Lecture Notes Chapter 20 EXAM 3 - Thurs....

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Lecture Notes Economics T-Th A. Ordonez Chapter 20 809-195-3K1C 4/6/10 EXAM 3 - Thurs. 4/15/10 Exam 5 - Final chapter 23 Chapter 20 Unemployment How unemployment is measured o Categories of unemployment - the problem of unemployment is usually divided into 2 categories, the long-run problem and the short-run problem. The natural rate of unemployment o Unemployment that go away on its own even in the long run o It is the amount of unemployment that the economy normally experiences The cyclical rate of unemployment o refers to the year-to-year fluctuations in unemployment o It is associated with short-term ups and downs of the business cycle. How is unemployment measured? Unemployment is measured by the bureau of labor statistics It surveys 60,000 randomly selected households every month The survey is called the current population survey Based on the answers to the survey questions, the BLS places each adult into one of 3 categories o Employed
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This note was uploaded on 05/10/2010 for the course ECONOMICS 809-195-3K taught by Professor A.ordonez during the Spring '10 term at Gateway Tech.

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EconNotes_4-6-10 - Lecture Notes Chapter 20 EXAM 3 - Thurs....

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