Unemployment And Its Effects On Economy Essay

Unemployment Unemployment has fluctuated throughout our nation and has hurt our economy in many ways. People define unemployment in many ways, unemployment is best defined as someone who is actively looking for a job and is unable to find one. When a person is unemployed it has effects on the economy, the society, and that person’s life. Unemployment is the best way to measure how our economy is doing. The most used measure to determine how our economy is doing is the unemployment rate. There are three main types of unemployment. First, there is frictional unemployment this is when someone is between jobs. Second, there is cyclical unemployment this is when someone loses their job due to a recession phase in the business cycle. Third is structural unemployment this is when someone would lose their job due to outdated skills, or those skills no longer being needed. After losing a job in order to be officially classified as unemployed then you have to meet two requirements. You had to be let go from your job or lost your job due to reasons that you couldn’t control. Then you need to meet your state’s requirements for time worked and money made. This is usually based on your previous working year. Many people think that it is easy to collect unemployment benefits and give up on the job hunt. The one thing people don’t always know is that every week in order to keep your unemployment benefits you have to send in claims. These claims will give details about what job…