ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A lawyer that sold his firm and is now looking for a job as a teacher
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An electrician that is working part-time and is looking for a full-time job.
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A retired school teacher
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A 15 year-old who is looking for odd jobs to pay for summer camp.
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An auto worker who has given up looking for a job
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Detailed explanation-1: -People who are jobless, looking for a job, and available for work are unemployed.
Detailed explanation-2: -For example, someone might have looked for work for a long time, given up hope and stopped looking, but still wish to work. (These people are sometimes referred to as ‘discouraged workers’.) Seasonal unemployment occurs at different points over the year because of seasonal patterns that affect jobs.
Detailed explanation-3: -There are three types of unemployment that economists describe: frictional, structural, and cyclical. During recessions and expansions, the amount of cylical unemployment changes.
Detailed explanation-4: -Cyclical Unemployment. Frictional Unemployment. Structural Unemployment. Natural Unemployment. Long-Term Unemployment. Seasonal Unemployment. Classical Unemployment. Underemployment.