Notes
Unemployment 09/03/2025
Notes 1
, Keywords/Questions Notes
• *Business Cycle:
the fluctuations
that an economy
experiences due to
changes in economic
activity
• *Expansion: phase
characterized by
growing RGDP,
income, and
The Business Cycle *
employment
• *Trough: lowest Even in an expansion, an economy
point of activity can still feel weak
in cycle, in which
RGDP reaches it’s The Labor Force **
minimum; marks end
You don’t have to be on
of recession
unemployment benefits to count
• *Recession:
as unemployed
declining output
for at least two
consecutive Types of Unemployment ^
business quarters Examples of Unemployment Types:
• *Peak: highest
point in business Frictional- College student
cycle, in which just graduated and has been
RGDP reaches a searching for jobs
maximum; marks end Structural- Data entry isn’t
of expansion in demand due to popularity
• *Recovery- when of AI systems
output is
Cyclical- Workers get laid
increasing, but
off in real estate firm when
Notes 2
Unemployment 09/03/2025
Notes 1
, Keywords/Questions Notes
• *Business Cycle:
the fluctuations
that an economy
experiences due to
changes in economic
activity
• *Expansion: phase
characterized by
growing RGDP,
income, and
The Business Cycle *
employment
• *Trough: lowest Even in an expansion, an economy
point of activity can still feel weak
in cycle, in which
RGDP reaches it’s The Labor Force **
minimum; marks end
You don’t have to be on
of recession
unemployment benefits to count
• *Recession:
as unemployed
declining output
for at least two
consecutive Types of Unemployment ^
business quarters Examples of Unemployment Types:
• *Peak: highest
point in business Frictional- College student
cycle, in which just graduated and has been
RGDP reaches a searching for jobs
maximum; marks end Structural- Data entry isn’t
of expansion in demand due to popularity
• *Recovery- when of AI systems
output is
Cyclical- Workers get laid
increasing, but
off in real estate firm when
Notes 2
