7.4

Globalization

Actions or processes that involve the entire world and result in making something worldwide in scope.

seasonal unemployment

unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season

frictional unemployment

unemployment that occurs when people take time to find a job

structural unemployment

unemployment that occurs when workers' skills do not match the jobs that are available

cyclical unemployment

unemployment that rises during economic downturns and falls when the economy improves

Underemployment

workers are overqualified for their jobs or work fewer hours than they would prefer

Describe how cyclical unemployment is different from seasonal unemployment

Cyclical unemployment occurs because of the ups and downs of the economy over time. When the economy enters a recession, many of the jobs lost are considered cyclical unemployment. ... Seasonal unemploymentis a type of structural unemployment that happens when the structure of the economy changes from month to month.

Explain why the unemployment rate is adjusted seasonally

It changes when they is seasonal unemployment for people who can't work in the winter. So it changes seasonally and is tracked that way.

Using the text to support your response explain what it means to be overqualified and how this affects you getting a job

It is when the person hiring thinks the job you're applying for will make you bored. This makes it hard to get a job because they won't hire you so you won't leave.

Explain why working on a job for which one is overqualified, or working part time when you really want full-time is desired over not working at all

It means they are underemployed because they are putting people in positions they aren't qualified in to fill other spaces.

Explain why states keep track of their unemployment unemployment rates

To know how many people are unemployed in their state and how it affects the overall economy.

Explain how we figure out the unemployment rate

We can calculate the unemployment rate by dividing the number of unemployed people by the total number in the labor force, then multiplying by 100.

In your own words describe globalization

When something occurs that affects everyone around the world.

discouraged workers

individuals who would like to work but have given up looking for a job

Explain why full employment isn't the same as zero unemployment

the fact that full employment is a situation in economy where everybody who wants a job has a job while zero unemployment is a term that is referring to a situation that there is a possible job for every person looking for a job.

full unemployment

the level of unemployment reached when there is no cyclical unemployment

unemployment rate

the percentage of the labor force that is unemployed