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CHAPTER 9 : UNEMPLOYMENT (TYPES (FRICTIONAL (it is (a serious problem ONLY…
CHAPTER 9 : UNEMPLOYMENT
Definition: refers to the number of people of the legal working age who are willing but are unable to find suitable employment.
RATE: (Number Unemployed) / (Labour Force) x100%, where Labour Force = Number Employed + Number Unemployed
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NATURE
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VOLUNTARY
those who do not WANT to work at the GOING WAGE RATE. (NOT part of the calculation of overall unemployment rate)
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SOCIAL IMPACT
for prolonged periods, lowered social standards-> decline in physical and mental health of individuals, decline in crime, divorce rates and health condition and life expectancy, could cause mass protetss, violence and social unrest
areas of high unemployment may lead to decline in real income and spending together with a rising scale of relative poverty and income inequality,
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