ECO 200 Chapter Notes - Chapter 8: Frictional Unemployment, Structural Unemployment, Hyperinflation

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Jobless recover - when unemployment keeps increasing while the economy is in expansion. Have no job but also have to be actively looking for a job. Retired people, college students, stay at home parents. (lf population of working age) x 100. People who given up looking for a job. Someone who wants to work full-time but can only work part-time. People who are in a job that doesn"t use their training/ skills. Ex people who have a college degree working flipping burgers. Frictional unemployment- when labor markets are in equilibrium. The # of jobs available is = to the # of people looking for a job. Structural unemployment- surplus of labor going work-rate. Quantity available is greater than quantity demanded. Ex internet helping people look for employees and jobs. Have the ability to quit labor force. Find a new job in labor force. When economy recovers, cyclical unemployment goes down.

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