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This 5-page paper discusses various macroeconomic topics. Bibliography lists 3 sources.
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5 pages (~225 words per page)
File: AS43_MTqmacreco.doc
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that isnt mentioned so much in the overall unemployment statistics is frictional unemployment, also known as transitional unemployment. Frictional unemployment occurs because people
move between jobs - fired workers or university graduates who are joining the job hunt for the first time are part of frictional unemployment numbers (Riley, 2011). These university graduates
take a little more time to find the work they want at the wages theyre willing to accept (Riley, 2011). Frictional unemployment occurs when it takes time for the labor
market to match available jobs with those who are seeking work (Riley, 2011). Now, what leads to frictional unemployment is incomplete information -
companies may not be aware of available workers who might qualify for specific jobs. By the same token, those workers may lack the resources to find companies that have ideal
jobs available for the right wage. In such situations, these job seekers dont take other work - rather, they wait for that better-paying job to come along.
Why is frictional unemployment important to have in any economy? Lets rephrase this question - its not so much the fact that frictional employment is
important, as much as the frictional employment statistic is important. What this statistic tells us is that there are job seekers out there, and that theyre holding out for the
perfect job. In other words, someone fired from a management position isnt going to automatically take a job at a car wash (at least not immediately). Instead, that individual is
transitioning; hes talking to friends, attending functions and asking others about potential openings - and is waiting for one of those openings. This statistic isnt quite as hopeless as the
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