1. Bellringer
1. What are three reasons people lose their jobs?
2. What was the AZ unemployment rate in 2011?
3. What was the worst recent year to look for a job in
Arizona?
4. According to this graph, describe the Arizona job
market in 2014

4. Review: Calculate unemployment
rate in your notes
A. Labor force is 150 million. 10 million are
children and another 40 million are
disabled. There are 10 million
unemployed people searching for a job
B. Labor force is 100 million. 5 million are
retired and another 40 million are full time
students. There are 8 million
unemployed people searching for a job
C. Labor force is 200 million. There are 10
million unemployed people searching for
a job and 10 million discouraged workers

5. Types of Unemployment
• Why do people lose their jobs?
– Or
• Why can’t they find a new job?

6. Types of unemployment
• Frictional Unemployment
• New entrants in to job market
• Fired, quit, recent graduates

7. Types of unemployment
• Seasonal Unemployment
• Certain jobs are not year round

8. Types of unemployment
• Cyclical Unemployment
• Job losses caused by less spending
• Layoffs during recessions

9. Types of unemployment
• Structural Unemployment
• Caused by changes to the economy over time
Changes in taste
technology
Global
Competition
Lack of skills

10. Underemployment
• When a person is overqualified for their job
• Opportunity cost

11. Unemployment types Assignment
1. Divide your paper into fourths
2. Draw a picture or comic to show the four
types of unemployment
3. On the back of the paper, write a few
sentences on how you will guard yourself
against each type of unemployment
• Extra Credit: find an article on one of the
unemployment types, cite it and summarize
its findings.

12. GDP Assignment formula
Draw a picture of each of the 4 parts of the GDP
1.
2. Which part of the GDP formula is the largest? (It’s the part
you are the most involved in)
3. How many recessions has Argentina had since 1900?
4. When was their worst one?
5. Why are recessions good for selling inferior goods?
6. Calculate US GDP 2010
Consumers: $12 trillion
Investment: $1.45 trillion
Government: $2 trillion
Exports: $1 trillion
Imports: $2.05 trillion
7. Describe US
Trade (net….?)