Types of Unemployment and their Causes - part 1 of 3

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In this lesson we will be looking closely at unemployment. We will define unemployment, look at the different types of unemployment a country's economy might experience, talk about the formula for calculating the unemployment rate, identify some of the causes, and outline some of the solutions to the different types of unemployment that might exist. The three types of unemployment discussed are frictional, structural, and cyclical, each with their own causes and solutions. The unemployment rate is measured by the number of unemployed people in an economy divided by the number of people in the total labor force, multiplied by 100.