Please enable JavaScript.
Coggle requires JavaScript to display documents.
Unemployment (involuntary (structural (change in conditions of supply,…
Unemployment
involuntary
structural
change in conditions of supply
change in pattern of demand
tax incentives and subsidies
upgrading of skills
seasonal
work sharing programme
add other lines of production
spread production evenly throughout year
flexible price system
frictional
labour exchange institution (e.g. JobsCentral)
cyclical
expansionary monetary and fiscal policy (demand management)
reduce structural rigidities and costs of production (supply management)
real wage
restrict power of trade unions
reduce or remove legal minimum wage
Economic
loss of output and welfare
fiscal costs to government
loss of productive capacity
Social
lowered living standards, thus decrease in mental and physical health
increase in poverty and income inequality
disguised
voluntary
Nature
natural unemployment
Type
Consequences
policy