Page(s) 626-628 20.1. what are the major reasons for unemployment? the unemployment rate in economy x when it is growing normally is 5%. when economy x is in a recession, the unemployment rate is 10%. drag each word or phrase to the appropriate blank space in order to complete the paragraph correctly.

When economy x is in a recession

Explanation:

Unemployment occurs when people are laid off, increasing the rate of unemployed people in the economy. Typically, 10% unemployment rates are considered high. This is common in economic recession situations, when consumption decreases causing companies to sell fewer products. In this way, these companies adjust the production of goods, which also decreases. This will lead to excess workers in the companies, who will lay off to cut spending. Conversely, in economically hot situations, sales and production increase and companies need to hire more employees. When the unemployment rate is low at around 5%, economists say that the economy is in full employment, meaning that only those who do not want to work or those who are in the process of changing jobs are unemployed.

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