Define the "Natural" Rate of Unemployment,structural Unemployment and Frictional Unemployment

question 7

Essay

Define the "natural" rate of unemployment,structural unemployment and frictional unemployment.What does "overfull-employment" produce? Why did economists change the natural rate of unemployment?

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Definitions:

Conversion Costs

Expenses incurred in the process of converting raw materials into finished products, typically including direct labor and manufacturing overhead.

Work in Process Inventory

Inventory that includes all the materials, labor, and overhead costs for products in the manufacturing process but not yet completed.

Equivalent Unit

A concept used in process costing to measure the amount of work done on partially finished goods, expressed in terms of fully completed units.

Process Costing

An accounting methodology used to allocate costs to units of production, applicable in industries where products are indistinguishable from each other, such as chemicals or food processing.