VCC Economics Assignment 04

VCC Economics Assignment 04 - Don Uhrig Principles of...

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Don Uhrig Principles of Economics-Macro, ECO-2013, Su 1700-1945 Professor Dr. Jim Chase Assignment #4 List and define the major types of unemployment: The major types of unemployment are: (1) cyclical unemployment and (2) structural unemployment. Cyclical unemployment exists when there is an economic downturn, but the workers or producers of goods continue to work, produce and trade an lower rates. This type of unemployment results from fluctuations in economic activity. For example: If it always requires three people to work 10 acres of corn by manual labor, and the demand for corn remains the same throughout an economic downturn even at a depressed price, then those same three people are cyclically unemployed. They may be paid less for their services, and are technically still employed, but by definition they are cyclically unemployed. Structural unemployment is unemployment caused by the institutional structure of an economy or by economic restructuring making some skills obsolete. I witnessed a perfect example of
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VCC Economics Assignment 04 - Don Uhrig Principles of...

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