Ch 6: Unemployment & the Economy

About This Chapter

Review fun lessons in this engaging chapter to improve your understanding of unemployment and the economy. Take short quizzes and a practice exam to check your comprehension and ensure you have the knowledge needed to earn course credit, boost your grades or excel on a macroeconomics test.

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

7 Lessons in Chapter 6: Unemployment & the Economy
Test your knowledge with a 30-question chapter practice test
Defining and Measuring the Unemployment Rate

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.

What is Underemployment? - Definition, Types, Causes & Effects

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.

What is Phantom Unemployment? - Definition & Examples

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.

Three Types of Unemployment: Cyclical, Frictional & Structural

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.

Seasonal Unemployment: Definition & 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.

Natural Rate of Unemployment: Definition and Formula

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.

The Effects of Outsourcing and Migrant Workers on the World Economy

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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