Unemployment

Question	Answer
Define Unemployment	People of working age who are without work, available for work and actively seeking employement
What are the costs associated with unemployment?	to the unemployed: living standards decrease To society: poverty, homelessness, crime To economy as a whole: loss of output, O.C of benefits, less indirect taxes
Hidden unemployment groups	long period of unemployment and have given up looking Underemployed (part time when they would like to be working full time) Over-qualified for jobs they have
types of unemployment	Demand-Deficient Seasonal Structural Frictional
Supply Side Policies (market based)	lower unemployment benefits deregulation
Supply Side Policies (Interventionist)	education system that trains people to be more occupationally flexible subsidies to firms that provide training government provided training tax breaks or subsidies to firms in a different part of the country

Resource summary

	Created by bella.calonje about 10 years ago