Concept #1: Frictional, Structural, and Cyclical Unemployment
Concept #2: Definition of Full Employment
Practice: George recently graduated from college with a Master’s Degree in Basket Weaving. During the few months he spends searching for a stable basket weaving job, he is experiencing:
Practice: Workers at an automobile assembly plant are laid off because the economy is weak and the demand for automobiles has fallen. What type of unemployment best describes the workers’ situation?
Practice: After spending several months searching for a job using his Basket Weaving degree, George realizes that there are not many available jobs for basket weavers. George decides to get new technical training to apply his basket weaving skills to integrated basket design using AutoCAD. During this time, George is likely experiencing: