TAILIEUCHUNG - Lecture Principles of economics - Chapter 28: Unemployment and its natural rate

In this chapter you will learn about the data used to measure the amount of unemployment, consider how unemployment arises from the process of job search, consider how unemployment can result from minimum-wage laws, see how unemployment can arise from bargaining between firms and unions, examine how unemployment results when firms choose to pay efficiency wages. | 28 Unemployment and Its Natural Rate IDENTIFYING UNEMPLOYMENT Categories of Unemployment The problem of unemployment is usually divided into two categories. The long-run problem and the short-run problem: The natural rate of unemployment The cyclical rate of unemployment IDENTIFYING UNEMPLOYMENT Natural Rate of Unemployment The natural rate of unemployment is unemployment that does not go away on its own even in the long run. It is the amount of unemployment that the economy normally experiences. IDENTIFYING UNEMPLOYMENT Cyclical Unemployment Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate. It is associated with with short-term ups and downs of the business cycle. IDENTIFYING UNEMPLOYMENT Describing Unemployment Three Basic Questions: How does government measure the economy’s rate of unemployment? What problems arise in interpreting the unemployment data? How long are the unemployed typically without work? How Is Unemployment .

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• Principles of economics
• Lecture Principles of economics
• Unemployment rate
• Natural rate of unemployment
• Cyclical unemployment
• Labor force
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
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