Response Question10/21/13 1. How would define Unemployment? 2. Name two states with High unemployment 2 with low. 3. How has unemployment in the US changed since 2011? 4. At this rate predict when unemployment will hit 3%.

3. Why is it so critical that young people find jobs and gain experience early in life? 2. What are some community factors that are associated with higher employment for young people? 4. What are some ways you can think of that young people might gain experience that will help them later in life? 1. What are some reasons young people might be more susceptible to unemployment than older people? Response Question10/23/13

Unemployment rate - A number used to indicate the amount of people who are 16 years or older, are not in the military, and who are currently not employed but are actively looking for a job. A nation’s unemployment rate is an important indicator of the health of the economy.

How is it determined? The Bureau of Labor Statistics polls a sample of the population to determine how many people are employed and unemployed. Currently the US Unemployment rate stands at 7.2 percent.

Types of Unemployment Frictional unemployment: When people choose to change jobs, take time off after working or going to school. Structural Unemployment: When worker skills do not match the jobs that are available. This includes those that cannot move for work. Cyclical Unemployment: Unemployment rises when the economy gets worse, as spending decreases and demand for products goes down. Goes up when things get better.

Unemployment Terms It’s agreed by economists that 3-5% unemployment is “normal” Underemployed - when a person is working in a job for which they are overqualified. Discouraged Worker - Those who want a job but have given up trying to get one. Full Employment - When a level of employment is reached in which there is no cyclical employment.

Homework What is inflation? Use the net to discover: What are some things that cause inflation? Is there currently an inflation problem in the US?