unemployment rate

Continue to work in your small groups to answers these discussion board open forum questions. Select your group listed above, click on Open Forum #3 and then reply to your small group. This week we are learning about two factors that measure the economic health of a society, the unemployment rate and inflation. Make sure you watch this video www.youtube.com PART A Total population (in millions) is 307, under 16 or institutionalized 69.3, employed 139.1, unemployed 14.6. Using the PowerPoint for this chapter, on your own label the boxes in the graph and answer the following questions: What is the size of the labor force? (Show your work). What number is classified as “not in the labor force?” (Show your work). What is the unemployment rate? (Show your work). PART B Read the scenario and label the type of unemployment as frictional, structural or cyclical and explain why? I am a farmer but the demand for my line of work is outdated and I am searching for work. You just got fired from your job and you are searching for a new job. The economy has just gone into a recession and consumers are not buying baseball bats which I construct so I have lost my job. I graduate from college and I am searching for a job. I was a blue collar worker in Texas. Ever since the North America Free trade Agreement (NAFTA) that opened trade between the US, Canada and Mexico happened, I have been looking for work. Voluntarily left my job as I wanted to search for another job. I am a great seamstress but the demand for my work is declining and I am searching for work. A stock person who is laid off by a department store because retail sales across the country have decreased. Automobile workers in Detroit are unemployed because robots are now being used on assembly lines. PART C Read the article on the US, “What full employment really means” attached below. Post your reply to the following questions and base your reply on any economic information you have learned up to this point this quarter. Given that the unemployment rate is low in the US is this number understated and if so why? Describe and analyze the economic trade offs that exists with a low unemployment rate, include up to a minimum of three different ideas?