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Unemployment - Coggle Diagram
Unemployment
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Voluntary unemployment
High marginal tax rates, which reduce effective take home pay
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Generous unemployment benefits, which make accepting a job less attractive
Some jobs are seen as ‘demeaning’ or too tedious. For example, fruit picking/security guard
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Involuntary unemployment
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due to lack of demand, wages kept above equilibrium like NMW and the trade unions
Real Wage Unemployment
It is caused when the wages are pushed above the equilibrium wage rate level, thus reducing the level of employment as COP have increased
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The unemployment rate is the % share of the labour force that is willing and able to work but can’t find a job, expressed as a percentage
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