Download - Unemployment rate 2012
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Bellringer
1. Do you think everyone should be guaranteed a job? Why or why
not?
2. Do you think everyone should be paid the same salary? Why or
Why not?
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Why Unemployment?
• You may be unemployed
• Problem for society
• Can cause recessions
• CRIME!
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Unemployment’s effect on GDP•GDP = C + I + (Exports-Imports) + G• Lower Consumer Spending• Lower investments, causes lower capital for new businesses• Lower Exports• Lower Imports• Lower Government spending because lower tax revenues
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World Wide Unemployment 2005
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Unemployment Rate
• GDP = C + I + G + (Ex-Im)
• GDP UP Unemployment Down
• GDP Down Unemployment UP
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Labor Force
• All 16 years and older who can work
• “LF”
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Not included in Labor Force
• Children
• Fulltime Students
• Military
• Physically Disabled
• Mentally Disabled• Prisoners (over 2 million right now!)
• Discouraged Workers
• Retirees
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Unemployment Rate Calculation
• Simple calculation
• # unemployed in labor force• # in labor force
Always a %Higher the % the worse it is for the
country
100
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Calculate Unemployment Rate for class
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Unemployment Rate Key Economic Indicator Labor force = people who
can workNot included in LF, retired, disabled,
discouraged workers, homemakers, students, prison
# of labor force unemployed
# in labor force
For example: LF = 200 million10 million unemployed
= unemployment rate
10 million
200 million= .05 X 1005% U. Rate
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Economic Event’s Name?Effect on GDP?
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United States Unemployment Rate 2001
Total civilian population 212,000,000Not in Labor force 71,000,000
(retired, students, individuals choosing not to work)
Labor force 141,000,000
Employed 134,000,000
Unemployed 7,000,000
Unemployment Rate = 7 million = 0.049 X 100 =
141 million 4.9%
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Acceptable Unemployment• “Full” Employment 3-5 % Why not 0%?
• Frictional unemployment “ok”
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Unemployment practiceCountry X has a labor force of 1 million
225,000 are unemployed and looking
500,000 are discouraged workers
Country Y has a labor force of 100 million
3 million are unemployed
1 million are disabled or in prison
Country Z has a labor force of 10 million
1.5 million are unemployed
500,000 are disabled or in prison
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USA Unemployment
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Arizona’s Unemployment Rate
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