About This Chapter
Unemployment & the Economy - Chapter Summary
Use this chapter's examination of unemployment and the economy to refresh your existing economics knowledge or discover new concepts. No matter your current level of understanding, fun lessons can help you gain full comprehension of topics like underemployment, seasonal unemployment and phantom unemployment. Gauge your grasp of the lessons by taking mini quizzes and a chapter exam. The Dashboard tracks your progress and lets you send any lesson topic questions to our experts. Once you've completed this chapter, you will be ready to:
- Describe how economists define and measure the unemployment rate
- Define and list types and causes of underemployment
- Share examples of phantom unemployment
- List and describe three types of unemployment
- Give the definition and examples of seasonal unemployment
- Discuss and use the formula for the natural rate of unemployment
- Explain how outsourcing and migrant workers impact the world economy
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. 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.
3. What is Phantom Unemployment? - Definition & Examples
Did you know that some people pretend to be unemployed? In this lesson, learn how and why they do this and the impact that phantom unemployment has on the economy as a whole.
4. 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.
5. Seasonal Unemployment: Definition & Examples
Seasonal unemployment occurs when there is a limited need for a type of work to be performed during a particular period of the year, based on factors like deadlines or climate.
6. 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.
7. The Effects of Outsourcing and Migrant Workers on the World Economy
In this lesson, we discover two labor trends of the 21st century: outsourcing and migrant labor. Both of these trends help keep producers' costs down, but their effects will likely be debated throughout the 21st century.
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Other chapters within the UExcel Introduction to Macroeconomics: Study Guide & Test Prep course
- Fundamental Concepts of Macroeconomics
- Government Failure in Macroeconomics
- Demand, Supply & the Economic Market
- Role of Government in Macroeconomics
- National Income Accounting Overview
- Basic Concepts of Inflation
- Measurements of Inflation
- The Business Cycle & Economics
- Aggregate Demand in Economics
- Fiscal Policy in Economics
- Budgets & National Debt
- Understanding Monetary Policy
- Fundamentals of Money
- Understanding the Federal Reserve System
- Supply-Side Policy & Policy Comparisons
- UExcel Introduction to Macroeconomics Flashcards