1. Unemployment By: Zane, Ben L, Alex

2. Frictional Unemployment Frictional Unemployment is a type of unemployment that occurs when people take time to find a job. An example of this is I leave an Accountant job that i wasn't satisfied about and go look for a better job in that field. While I am searching for a job, I'm considered to be frictionally employed.

3. Seasonal Unemployment Unemployment that happens as a result of harvest schedules (farming) or vacations (like teaching) or when industries slow or shut down for a season. An example of this could be a store on the boardwalk at the beach. During the summer, business is great because everyone is going to the beach because the weather is warm. During, the winter, there is nobody that wants to go swimming in 27 degree weather, which brings the owner no customers. This store only operates in the summer making the owner and the employee's unemployed during the winter. This kind of unemployment is part of a normal healthy economy so government policy makers do not do anything to prevent it.

4. Structural Unemployment Structural unemployment is change in the employment rate due to changes in the economy. Example: A furniture manufacturer buys a mechanical drill to screw more furniture together faster and at a lower cost than having people screwing them. The drill is more efficient for the company but it leaves many people without a job. Such events lead to changes in the economy. It leads to more people requiring different skills in order to find good jobs. Five major causes of structural unemployment are technological development, the discovery of new resources, changes in consumer demand, globalization, and lack of education.

5. Cyclical Unemployment Unemployment that rises during economic downturns and falls when the economy improves. It can affect workers in industries sensitive to changes in the business cycle,such as workers in the steel industry. The best example of cyclical employment was the great depression which resulted in a program of unemployment insurance which helps people that can't find jobs.

6. The Unemployment Rate The Unemployment rate is the percentage of the nation's labor force that is unemployed. Each month, the Bureau of Labor Statistics takes a poll of 50,000 families to see how many people are employed and unemployed. Using the stats from the 50,000 families, BLS computes the unemployment rate. Census is an official count of the population. Calculating Unemployment: Number of people unemployed divided by number of people in the civilian labor force multiplied by 100 When you see the unemployment rate for a particular month, it has usually been seasonally adjusted. The unemployment rate is only an average for the nation.

7. Full Employment Full employment is the level of employment reached when no cyclical employment exists. Full employment is not possible in a properly working economy. Underemployment is when an individual is working a job they are overqualified or working a part time job when a full time job is desired. Discouraged Workers- people who have stopped searching for a job and rely on savings or other family members to support them.

8. Current Trends In November, the unemployment rate was 7.7 % The unemployment rate has been rising since 2007 but is going down a little. There are currently 12 million people unemployed. Total Number of people in workforce: 155,844,156 The unemployment rate for 2012 has went from 8.7% to 7.7 % Employers are resistant to hire new workers until they know that the economy is going to stay strong. Highest Unemployment rate: 1932 Lowest Unemployment rate: 1953