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The meaning of unemployment
- Define the term unemployment.
- Explain how the unemployment rate is calculated.
- (Higher Level) Calculate the unemployment rate from a set of data.
- Explain the difficulties in measuring unemployment, including the existence of hidden unemployment, the existence of underemployment, and the fact that it is an average and therefore ignores regional, ethnic, age and gender disparities.
- Discuss possible economic consequences of unemployment, including a loss of GDP, loss of tax revenue, increased cost of unemployment benefits, loss of income for individuals, and greater disparities in the distribution of income.
- Discuss possible personal and social consequences of unemployment, including increased crime rates, increased stress levels, increased indebtedness, homelessness and family breakdown.
- Describe, using examples, the meaning of frictional, structural, seasonal and cyclical (demand-deficient) unemployment.
- Distinguish between the causes of frictional, structural, seasonal and cyclical (demand-deficient) unemployment.
- Explain, using a diagram, that cyclical unemployment is caused by a fall in aggregate demand.
- Explain, using a diagram, that structural unemployment is caused by changes in the demand for particular labour skills, changes in the geographical location of industries, and labour market rigidities.
- Evaluate government policies to deal with the different types of unemployment.
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OECD stats https://data.oecd.org/unemp/unemployment-rate.htm#indicator-chart
Recent news.... https://edition.cnn.com/2020/06/03/business/europe-unemployment-coronavirus/index.html
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