The Internet And Its Affect On The Economy

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part in helping the US economy reach full employment, meaning that the cyclic unemployment is approaching zero. Although it seems the industry is very secure because it is in a full employment situation now, this does not mean that there is a very low amount of unemployment. According to many economists, there are three types of unemployment: frictional, structural, and cyclical. Frictional unemployment occurs when the rate of people changing jobs is high. The second kind of unemployment occurs when the increasingly different and unique demands of the industry cannot be satisfied by one person alone, and thus another must be hired to take his place. Cyclic unemployment, on the other hand, occurs when the demand for the industry is decreasing, and thus the industry must lay-off workers. The Internet service providing industry has reached full employment only because it has zero cyclic unemployment. Frictional unemployment (which is not necessarily an adverse situation), however, is ...

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