Econ 12.3

Front

What is the definition of unemployment?

Back

The state of being without a job and actively seeking employment.

Front

What are the three types of unemployment?

Back

frictional, structural, and cyclical

Front

What is the difference between frictional and structural unemployment?

Back

Frictional unemployment is temporary and occurs during job transitions, while structural unemployment is long-term and caused by a skills mismatch.

Front

The oil field in Texas has busted and you have lost your job at a refinery. You would be under what category of unemployment?

Back

Cyclical

Front

You are married and must quit your job to relocate with your spouse to a new location. You would be under what category of unemployment?

Back

Frictional

Front

Your position with the local newspaper has ended due to online media taking over. You would be under what category of unemployment?

Back

Structural

Front

A Halloween Spirit Worker will experience what type of unemployment?

Back

Seasonal

Front

Radio Shack filed for bankruptcy resulting in their employees facing what type of unemployment?

Back

Cyclical

Front

A worker who leaves their job at an eye doctor's office, but hasn't started their new job at a school. What type of unemployment are they categorized in?

Back

Frictional

Front

Compare and contrast nominal and real interest rates.

Back

Nominal interest rates do not account for inflation, while real interest rates adjust for inflation.