Question

Nancy returns to school to study medicine. After graduating during an economic boom, she spends six months looking for a job. During this period, she is considered

Answer 1

During this period, she is considered : Frictionally unemployed

What is Frictionally unemployed?

Transitions in employment that are voluntary within an economy lead to frictional unemployment. Even in an expanding, stable economy, frictional unemployment is a given. Frictional unemployment refers to workers who decide to leave their current jobs in search of new ones and people who are just starting out in the workforce. It excludes employees who hold onto their existing position until they find a new one because, presumably, they are never unemployed.

In the economy, there is always some frictional unemployment. It is a portion of natural unemployment, which is the lowest unemployment rate in an economy as a result of economic factors and labor movement, and it affects the overall employment picture. The amount of employees who are unemployed by choice is also reflected in natural unemployment.

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