Unemployment is what describes a person who is out of work but looking for a job. This person must be over sixteen years old.
3 Types of Unemployment
- Frictional- this describes a person who is temporarily in between jobs.
- Structural- this is a change in the labor force.
- Cyclical- this is a change in the business cycle.
Impact on our Economy
The lower our unemployment rate is, the better our economy will be doing. The more people with jobs, the more money we will make as a country.