1. Standard SSEMA1b- Define unemployment
SSEMA1c- Calculate the Unemployment rate
SSEMA1d- Identify the types of unemployment

2. Labor Civilian Labor force: men and women who are:
16 years of age and over
Not serving in the military or are institutionalized
Working or have actively looked for a job in the last 4 weeks.

3. Labor
Unskilled
Semi-skilled
Skilled
Professional
4 types

4. 4 types of Labor Unskilled
Characterized by low education levels and small wages
Work that requires no specific education or experience
Examples: assembly line, custodian, fast food worker

5. 4 types of Labor Semi-Skilled
Possessing some skills but not enough to do specialized work
Requires paying attention to detail or protecting against risks but it doesn’t include complex job duties
Examples: Retails salesperson, security guard, taxi driver

6. 4 types of Labor
Skilled
Requires workers to use their judgment to make decisions
May require workers to measure, calculate, read, or estimate
Often need specific educational degrees or professional training
Examples: teachers, nurse, etc.

7. 4 types of Labor Professional
Individuals with the highest level of knowledge-based education and managerial skills
Examples: physicians, lawyers, architects, etc.

8. Wages A standard amount of money (pay) given for work performed.
Differences in wages depends on :
1. supply and demand
2. influence of unions
3. productivity

9. Wages Paid by the hour for work Hourly Paid bi-weekly OR monthly
Based on contract
Salary

10. Measuring Unemployment
People available for work
Do not currently have a job
Made specific efforts to find a job during the last month

11. Labor Force(employed + unemployed)
The Unemployment Rate
Formula:
Number of Unemployed x 100
Labor Force(employed + unemployed)
Full employment is 5% unemployment or less

12. The Unemployment Rate

13. Kinds of Unemployment
Frictional
Structural
Cyclical
Seasonal

14. Frictional Unemployment
Someone leaves their job to search for another (people between jobs).
Someone previously outside the labor force enters the job market.

15. Structural Unemployment
Workers skills do not match the skills needed by the labor market
Work previously done by humans, not performed by machines.

16. Cyclical Unemployment
Workers who lose their job due to a downturn in the economy.
Unemployment directly related to swings in the business cycle (contraction/recession)

17. Seasonal Unemployment
Unemployment resulting from changes in the weather or changes in demand for certain products

18. Effects of Unemployment
Less spending
Declining aggregate demand and supply
Wages decrease

19. Build an Ice Cream Cone Cut out the ice cream cone and scoops, build your ice cream cone, then add then below to each scoop.
On each scoop, define each type of unemployment and give an example of it.
Black- Frictional
Brown – Structural
Green- Cyclical
Red- Seasonal
Orange- Unemployment
Cone – Unemployment formula