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Unemployment (Costs Of Unemployment To The Individual (Loss of earnings.,…
Unemployment
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unemployment insurance
Unemployment insurance is a government programme that partially protects workers’ incomes when they become unemployed.
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Labour force
The labour force is the total number of workers, including both the employed and the unemployed.
causes of unemployment:
In an ideal labour market:
Wages would adjust so that the quantity of labour supplied and the quantity of labour demanded would be equal. At equilibrium, therefore, there is no unemployment. Changes in the supply of and demand for labour would create surpluses and shortages in the labour market and the adjustment of the wage rate would ensure that all workers are always fully employed
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Unions and collective bargaining - a union is workers association that bargains with employers over wages and working conditions..... collective bargaining is when a union and a firm agrees on the terms of employment
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identifying unemployment: carefully defined, measured, explored in terms of how long people are out of work, divided into frictional and structure types.
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Frictional unemployment: the time it takes to match workers with a job, job search means there must always be some unemployment
Voluntary/ involuntary unemployment: choose to be unemployed or are unemployed due to the inability of finding a job
Structural unemployment: number of some jobs in a labour market are insufficient to provide a job for everyone who wants one. they may loose their job and then find that other jobs may 1.) require skills and experience they do not posses=occupational immobility 2.) not in the immediate region they live in=geographic immobility 3.) Technologie change 4.) structural change in the economy
Labour market imperfection: unemployment can be caused by wages being above merket equilibrium- Qty of labour supplied exceeded the Qty demanded, workers are unemployed because they are waiting for jobs
Minimum wage laws when the minimum wage is set above the level that balances supply and demand it creates unemployment