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Defined as the % of the "labor force" that is not working
(Labor force is all people 16 years and older who are "seeking" work, or unemplyed, and are not in institutions.)
1. Frictional - temprorary, transitional, voluntary; may consist choosing to be mobile for career, and/or salary reasons; also includes new entrants and reentrants to the labor force
2. Cyclical - resulting from swings in the business cycle
3. Structural - "hardcore" and "technological" unemployment, results from people lacking the skills for available jobs, persons w/ skills no longer needed; also caused by changes over time in demand and technology that alter the structure of total demand
1. Marginally employed
2. Discouraged workers
3. Underemployed
4. Partially unemployed
Raising minimum wage
Advances in technology
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