Long-run versus Short-run Unemployment:
Long-run: The natural rate of unemployment
Short-run: The cyclical rate of unemployment
Natural Rate of Unemployment
The amount of unemployment that the economy normally experiences and does not go away on its own even in the long run.
Cyclical Unemployment
Associated with with short-term ups and downs of the business cycle and refers to the year-to-year fluctuations in unemployment around its natural rate.