FEE Unemployment

The result of voluntary job separations as people look for a better match as well as people entering the labor force.

• frictional unemployment

• structural unemployment

• cyclical unemployment

Skills workers have are obsolete and no longer needed in that society. Retraining is necessary.

• frictional unemployment

• structural unemployment

• cyclical unemployment

Occurs when demand for goods and services declines. Workers are laid off to reduce the supply of goods and services.

• frictional unemployment

• structural unemployment

• cyclical unemployment

number of unemployed people divided by the labor force, consisting of all employed and unemployed people, as a %.

• labor force participation rate

• unemployment rate

• natural rate of unemployment

The percentage of the working-age population that is in the labor force.

• labor force participation rate

• unemployment rate

• natural rate of unemployment

The sum of frictional and structural unemployment.

• labor force participation rate

• unemployment rate

• natural rate of unemployment

A dentist sells their practice after 30 years of working and wants to retire.

• Employed

• Unemployed

• Not in the labor force

A person who decides that they wants to stay home to take care of their young children.

• Employed

• Unemployed

• Not in the labor force

A person has an automotive engineering degree, but is only able to find part-time work selling furniture.

• Employed

• Unemployed

• Not in the labor force

A person graduates from college with a doctorate in finance and is interviewing for positions with 3 different firms.

• Employed

• Unemployed

• Not in the labor force