Chapter 7 Unemployment - Chapter 7 Unemployment, In...

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- Unemployement- the total number of adults who are willing and able to work and who are actively looking for work but have not found it o Historical unemployment rates Labor force- the total of the number employed and unemployed World war 2- 1.2% (at the end of the war) lowest unemployment rate ever Depression 25% 1930s- Highest United States unemployment Employment, Unemployment, and the labor force Categories of individuals who are without work o Job loser- involuntarily terminated (40 to 60%) o Reentrant- left work force now reentered (20 to 30%) o Job leaver-voluntarily ended employment o New entrant- never worked full time Duration of unemployment- usually less than 14 weeks Discouraged worker- unemployed who stop looking o Not included in unemployement rate Major types of unemployment o Frictional unemployment- time taken to find another job. Your previous job permanently lost, temporarily lost, or fired. Quit your job look for better job. o
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Chapter 7 Unemployment - Chapter 7 Unemployment, In...

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