Sunday, January 23, 2011

Post 24: Unemployment Scenarios

Frictional Unemployment:

My name is Joe. I have been working for a major corporation in Philadelphia for a year. I recently resigned because I was offered a higher and more satisfying job in NYC. I am currently frictionally unemployed.

Structural Unemployment:

My name is Joe. I went to college for a four year degree and ended up with a masters after 6 years. My degree was an MBA in business administration. Since there is not a high enough demand for high level business administrators, I am structurally unemployed.

Cyclical Unemployment:

My name is Joe. I have worked for an electric company for the past 10 years. I was recently laid off because the economy is going through a recession and the need for electric workers has decreased. I am cyclically unemployed.

Seasonal Unemployment:

My name is Joe. I have worked on a farm with my friends every summer for the past 5 years. I pick grapes from vines and apples from trees. Since it is now the winter time there are no apples or grapes to be picked so I am seasonally unemployed.

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