So, imagine the labor force as a big pool of people ready to work. But just like a pool, there are sometimes waves and ripples that can cause some people to be out of the water. These waves are called unemployment. This 43 slide lesson is going to break it all down!
We’ve got different types: the slightly lunmotivated ones (structural), the seasonal ones (cyclical), and the unlucky ones (frictional).
To fix this, we need to smooth out the waves, train the slightly umotivated ones, and help the unlucky ones find their sea legs. Oh, and there’s this guy named Philips who discovered that there’s a trade-off between unemployment and inflation.
Business Economics Playground
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