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- Define unemployment and explain how to determine the unemployment rate.
- Take a look at the reasons unemployment could decrease without any new job creation.
- Differentiate between the three types of unemployment.
- Learn how to find the natural rate of unemployment.
- Explain how expectations can affect the economy.
- Understand how the minimum wage affects employment.
1. Defining and Measuring the Unemployment Rate
You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.
2. Why the Unemployment Rate Decreases and Increases
Policymakers, investors, and consumers watch the monthly unemployment rate with great interest. In this lesson, you'll learn what factors influence the unemployment rate and why the rate can change rapidly from month to month.
3. Three Types of Unemployment: Cyclical, Frictional & Structural
If you've ever lost your job after the holiday season, you've experienced at least one type of unemployment. In this lesson, explore the three types of unemployment including cyclical, frictional, and structural using real-world examples.
4. Natural Rate of Unemployment: Definition and Formula
Explore the natural level of employment through the eyes of the Classical School and Keynesian economics, including fiscal policies that may reduce it.
5. Rational Expectations in the Economy and Unemployment
This lesson provides an overview of the theory of rational expectations and then applies it to the labor market, fiscal policy and monetary policy. In the lesson, you'll learn more about expectations and outcomes in a world where people want to maximize profit.
6. Minimum Wage and its Effects on Employment
There are times when the labor market is perfectly balanced between what employers are willing to pay and what workers want in a job. In this lesson, find out what happens to the labor market when governments intervene, imposing a minimum wage.
7. What is Unemployment? - Definition, Causes & Effects
What is unemployment? If you are currently out of work, you certainly know what this is. But the government has a specific way of looking at unemployment, and you might actually not be considered unemployed by its definition! Read on to learn why.
8. What is Underemployment? - Definition, Types, Causes & Effects
Many people in today's economic climate are underemployed. In this lesson you will learn what underemployment is, types of underemployment, as well as its causes and effects.
9. What is the Difference Between Attrition & Turnover?
The difference between attrition and turnover can be seen in the aftermath of an employee leaving a company. In this lesson, you'll find out what that means and how it separates the two types of workforce categories.
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