Bellringer1. 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

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

Types of Unemployment

• Why do people lose their jobs?– Or

• Why can’t they find a new job?

Types of unemployment• Frictional Unemployment

• New entrants in to job market

• Fired, quit, recent graduates

Types of unemployment• Seasonal Unemployment

• Certain jobs are not year round

Types of unemployment• Cyclical Unemployment

• Job losses caused by less spending

• Layoffs during recessions

Types of unemployment• Structural Unemployment

• Caused by changes to the economy over time

technology

Changes in taste

Lack of skillsGlobal Competition

Underemployment• When a person is overqualified for their job

• Opportunity cost

Unemployment types Assignment1. 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.

GDP Assignment1. Draw a picture of each of the 4 parts of the GDP formula

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 2010Consumers: $12 trillion

Investment: $1.45 trillion

Government: $2 trillion

Exports: $1 trillion

Imports: $2.05 trillion

7. Describe US

Trade (net….?)