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Wages, UE and labor market - Coggle Diagram
Wages, UE and labor market
Key terminologies
Unemployed: people who are available for work and are actively seeking for job but are not working in the past week
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out of labor force: neither employed or unemployed (full time students, disabled people
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Types of unemployment
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Cyclical: business cycles (recession, downward) increases UE
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Cost of UE
Economic cost: underutilisation, reduced tax colla=ections, increase welfare spending
Psychological: low self-esteem, depression
Social: increase in crime, domestic violence
Duration of UE
UE spell
A period during which an individual is continuously unemployed. Ends when they find a job or leave the workforce
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