TYPES OF UNEMPLOYMENT Frictional Structural Seasonal Cyclical.

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Presentation transcript:

TYPES OF UNEMPLOYMENT Frictional Structural Seasonal Cyclical

Frictional Unemployment Occurs when people take time to find a new job Changing jobs, layoffs, finish school, etc. Collecting unemployment insurance may increase frictional unemployment

Structural Unemployment Occurs when people’s skills don’t match available jobs. Causes: Development of new technology New Resources Globalization Lack of Education

Seasonal Unemployment Occurs as a result of harvest schedules, vacations, or seasonal shifts Examples: Golf Course Personnel Migrant workers in Michigan orchards Ski Lodge Personnel in Stowe, VT

Cyclical Unemployment Occurs during economic downturns and falls during periods of economic growth Recessions (people demand fewer goods, people laid off)

INFLATION How do you measure? Consumer Price Index

Consumer Price Index Determines how much prices are increasing (inflation) Measures the current price of all goods and compares them to prices from previous years This is calculated every month by the Bureau of Labor Statistics (BLS)

“Market Basket Items” cereal coffee chicken restaurant tuition postage telephone computers

“Market Basket Items”

Calculating the Consumer Price Index latest “market basket” (avg of all current prices) updated prices CPI = x 100 base period prices base period 1982-1984 CPI is set at 100 (2013 prices) $360 CPI = x 100 = 180 $200 (prices from 1982-1984) 180 80% increase 100 March CPI Statistics

Causes of Inflation Growth of Money Supply Changes in Aggregate Demand if demand goes up, prices go up Changes in Aggregate Supply producers raise prices to meet higher costs

(AGGREGATE DEMAND) (AGGREGATE SUPPLY) More money to spend increases demand (AGGREGATE DEMAND) Higher costs (wages) increase prices (AGGREGATE SUPPLY)

POVERTY

POVERTY THRESHOLD

POVERTY RATES BY GROUP, 2006

GROWTH OF WELFARE $927 B 2012 What program (president) started the true growth of welfare programs? ~ $44,000 for each person in poverty Lyndon Johnson’s “Great Society”