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unemployment rate formula
umeployed / labour force
what makes up the labour force
employed + unemployed
unemployment
people of working age who are actively looking for a job but are not employed
underemployment
people of working age with part time jobs or jobs that do not make full use of their skills and education
structural unemployment
change in demand for particular labour skills
change in geographical location
labour market rigidities
what are labour market rigidities
market unable to go back to equilibrium like minimum wages, government legislations, unions etc.
seasonal unemployment
certain people becoming unemployed at the same time each year
college students graduating
skii instructors
cyclical unemployment
when weak demand for goods and services lead to a much larger decrease in demand in the entire economy
stuck in recessionary gap (unemployment is higher than natural rate)
hidden unemployment
discouraged workers that stop searching after being unsuccessful at finding work