In this lesson, discover the intricacies of unemployment with Nick Palazzolo, CPA, as he demystifies the three primary types: frictional, structural, and cyclical. Dive into frictional unemployment, the natural result of job-seeking, which reflects a healthy labor market dynamism, and understand its normalcy in functioning economies. Explore structural unemployment, spawned by market shifts like outsourcing or technological advances, and see how it impacts the workforce. Finally, tackle cyclical unemployment, the consequence of economic ebbs and flows, such as recessions, which inherently ties job loss to business cycles. Nick makes these concepts crystal clear and underscores their significance in maintaining a balanced economy, while also pointing out their relative importance for overall economic understanding.
Lesson: Types of Unemployment
In this lesson, discover the intricacies of unemployment with Nick Palazzolo, CPA, as he demystifies the three primary types: frictional, structural, and cyclical. Dive into frictional unemployment, the natural result of job-seeking, which reflects a healthy labor market dynamism, and understand its normalcy in functioning economies. Explore structural unemployment, spawned by market shifts like outsourcing or technological advances, and see how it impacts the workforce. Finally, tackle cyclical unemployment, the consequence of economic ebbs and flows, such as recessions, which inherently ties job loss to business cycles. Nick makes these concepts crystal clear and underscores their significance in maintaining a balanced economy, while also pointing out their relative importance for overall economic understanding.
Updated: May 31, 2022 Create an account