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
4. Partially unemployed
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