Please enable JavaScript.

Coggle requires JavaScript to display documents.

Economics and Business - Coggle Diagram

- - - - Depression, unable to go out, become detached, not earning a wage, low living standards, low self-esteem/confidence, an increase in crime, alcohol and drug use
    - - Lose money to welfare, higher levels of unemployment reflect badly on state and federal govt, loss of faith in government
    - - Rise in unemployment, higher taxes, increased welfare handouts, less goods and services bought, loss of output, loss of income, an increase in government expenditure
  - - - Firms and businesses respond by cutting down on production and firing workers
      - A.K.A demand-deficient unemployment
      - Common in a recession phase
    - - For example, as old industries decline, new industries emerge such as high tech manufacturing, IT, computing, insurance, and internet based companies. However, these new industries may require a different skill set to precious manufacturing jobs and this can cause structural unemployment
    - - This type is usually voluntary and of the shortest duration
    - - Examples include fruit picking, skiing resorts and water parks
- - - - Refers to our access to physical goods and services
      - Material living standards of a nation is measured by the quantity of goods and services available each year as measured by GDP
    - - Can't be measured in dollar terms, and are intangible e.g. freedom of speech, low levels of crime/discrimination, preservation of environment and adequate leisure time